Rearrange/change/delete menu items?

Is there any good way to hie/remove menu and submenu items?

 

I would love to get rid of TV Shows menu and get rid of MLB.TV, NBA, YouTube,MobileMe, and FLickr from the Internet menu and reorder the remaining items in that menu.

 

Is there any way to do that? Not afraid of command line hacking here.

There is a piece of software called OVERFLOW that you have to install.  But first you install NITOTV, which will get you access to installing OVERFLOW.