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To hide it, start up Registry Editor (by hitting Start and searching for "regedit") and navigate to
HKEY_CLASSES>ROOT\CLSID\{B4FB3F98-C1EA-428d-A78A-D1F5659CBA93}\ShellFolder.
Double click on "Attributes" in the right hand pane and change the value from b084010c to b094010c. Click OK, exit the registry editor, and log out.
The process for the other items is the same, except you use the following keys:
Libraries: change b080010d to b090010d in HKEY_CLASSES_ROOT\CLSID{031E4825-7B94-4dc3-B131-E946B44C8DD5}\ShellFolderP
Network: change b0040064 to b0940064 in HKEY_CLASSES_ROOT\CLSID{F02C1A0D-BE21-4350-88B0-7367FC96EF3C}\ShellFolderP
Favorites: change a0900100 to a9400100 in HKEY_CLASSES_ROOT\CLSID{323CA680-C24D-4099-B94D-446DD2D7249E}\ShellFolderP
To hide Computer, you'll need to create the Attributes key since none exists. Navigate to HKEY_CLASSES_ROOT\CLSID{20D04FE0-3AEA-1069-A2D8-08002B30309D}\ShellFolder