Read this article from Talkincblog.

“Let’s face it. On Facebook, not all people are created equal, so we might want to have some discretion for just who we want to be seeing what information about us (especially true for students seeking jobs). With this in mind, and after doing some research on just what kind of Facebook Privacy tricks there are, I put together a way of using Facebook Lists in conjunction with Privacy Controls that let’s you control just who sees what.”