For a good while I have been asking Microsoft for the ability to organize the Taskbar and also be able to minimize application to the Task Tray. Over the past few day I decided that there must 3rd party tools available, and hopefully free.
I have found two great tools
Taskbar Shuffle4T Tray Minimizer
Taskbar Shuffle allow you to rearrange running application in taskbar.
Tray Minimizer has many options, but the coolest is the ability to type shift+esc, which minimized the current application to the Task Tray. I like to minimize application that are running that I don’t use much, but need them easily available (MP3 Player).