Yes I Can!

How To Use Folders On Windows Phone 7.5 Mango

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Step 1: Download foldersconfig_v1.zip from WP Hacker.

Step 2: Extract it and run FoldersConfig.exe

Step 3: Create a new folder and add applications to it.

Step 4: Now connect your WP7 smartphone to your PC and sync it with Zune.

Step 5: Unlock the phone (i.e. ensure that you are on the Start screen) and click Deploy from the Folders Config app on your PC.

Step 6: You will see an application on your phone with a list of folders. Tap and pin them one-by-one.