According to Microsoft, the Group Policy Editor can be used to "Hides all Control Panel items." Before we get started I want to inform you that this tweak does not prevent the control panel applets from running, they just do not show up in control panel any more.
1. Click on the start button and select run.
2. In the text box type gpedit.msc and press OK.
3. Once the Group Policy Editor is open, expand the User Configuration folder if it is not already expanded.
4. Next, expand the Administrative Templates folder and then click on the Control Panel folder.
5. Select Show only specified Control Panel Applets from the right window pane and right click on it and select Properties.
6. A dialog box will open and select the enable radio button.
7. Once you have clicked on the enable radio button, the show button will be enabled, click it.
8. A new window will pop up that will display control panel objects that are OK to show. Items not on this list will not be displayed in control panel when this feature is enabled. To add a applet to the list so that it will show up in control panel, Click Add.
9. Once the add dialog box pops up, enter the name of the control panel applet you want to be displayed. This is were it gets a little tricky. You have to enter the filename of the applet you want shown. For example, if you want to show the System Properties applet, then you need to enter sysdm.cpl in the box.
10. Then click OK once you have entered the file name; click OK once more to exit the control panel applets settings.
11. Exit Group Policy editor and restart if needed.
Here are the Windows XP Pro Control Panel applets:
System Properties = sysdm.cpl
Network Connections = ncpa.cpl
ODBC Administrator = odbccp32.cpl
Display Properties = desk.cpl
Add or remove programs = appwiz.cpl
Internet Properties = Inetcpl.cpl
Game Controllers = joy.cpl
Phone and modem Options = telephon.cpl
Time and Date Properties = timedate.cpl
Region and Language Options = intl.cpl
Power Options = powercfg.cpl
Mouse Properties = main.cpl
Accessibility Options = access.cpl
Add Hardware Wizard = hdwwiz.cpl
Sound and Audio Devices = mmsys.cpl
User Accounts = nusrmgr.cpl
Speech Properties = sapi.cpl