Configure Launchpad OSX Lion
Lion’s LaunchPad acts much like iOS’ Springboard (the iDevice home screen launcher), which means that


you can create folders by dragging one Launchpad app icon onto another – add more items by dragging them onto the newly created folder. Folders can be renamed by clicking their title when opened. They cannot be nested.
you can only sort items by dragging them around.
hiding apps is not a feature (there is a closing cross on App Store installed apps when you press Option, but this uninstalls the app – it does not hide it from Launchpad). Use Launchpad-Control (freeware) to achieve that.