If all you want is to remove them from the start menu for other users, I think all you have to do is remove the entry from the all users start menu tree and add it to your own username start menu. At least you could do that in XP.
All users is now public in w7, so I think all you have to do is move the shortcut from C:\ProgramData\Microsoft\Windows\Start Menu\Programs to C:\Users\yourusername\AppData\Roaming\Microsoft\Windows\Start Menu\Programs.
Basically correct. Remove all items from "C:\ProgramData\Microsoft\Windows\Start Menu\Programs" and place all shortcuts in "C:\Users\
Your Username\AppData\Roaming\Microsoft\Windows\Start Menu\Programs".
Then place the program shortcuts you want other users to use in "C:\Users\
Other Username\AppData\Roaming\Microsoft\Windows\Start Menu\Programs" then only these programs should show on their Start menu.
If that did work, wouldn't it just remove the start menu links, and not the ability to actually access the destinations through other means? A Guy
This is also correct. The users will still be able to run any application they have permissions to by the cmd line, navigating to the exe file in Explorer, etc... The links provided by A Guy in post #2 should help with this but in regards to the first link here is another one in case you find you can't run the program -
http://www.sevenforums.com/tutorials/151415-group-policy-apply-specific-user-group.html
For removing other things from Start check out Group Policy, specifically User Configuration > Administrative Template > Start Menu and Taskbar. Only downfall with this is it will remove any items for you as well.
EDIT: Use with above link should help.
I can't find a way to remove the Control Panel though without disabling it. You could modify each users Start menu manually if there's not too many users and under Group Policy set "Prevent changes to the Taskbar and Start Menu settings" to enabled. Users would still be able to access the Control Panel by other means though and they will not be able to change any settings relating to the Start menu or Taskbar.
EDIT: Disabling Control Panel used in conjuction with
http://www.sevenforums.com/tutorials/151415-group-policy-apply-specific-user-group.html would be a better option if it works, unless you don't want access to it then you can just disable it globally. Disabling it will prevent access to any Control Panel items including Personalize, Screen Resolution when right clicking the Desktop.
As Karl pointed out you could disable only specific Control Panel items. To disable it use "Prohibit access to the Control Panel" which can be seen in Karl's screenshot.