Reorder - that can be a little harder because the first 16 or so, icons may be defined in a registry setting. That setting basically tells the start menu what the first page or 2 should contain. So without editing the registry, you can reorder the remainder of the menu.
As for delete, sure! I removed a whole bunch of cingular crap from mine and it's much much nicer.

Just browse to \Windows\Start Menu and start deleting things you don't want. ALthough, you might want to back it up first.
