I'm sharing because this is such a pain!!!  For such a popular website, this should not be so difficult.

The challenge is: You want to prevent some of your "friends" on facebook from seeing all your stuff.  

Basically, you need to:
- Create a friends list containing the people you want to hide stuff from...
- And then, specify that this friends list isn't entitled to see a specific part of your profile.

To segment your friends:
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1) Select the "Friends" page from the top menu bar.

2) On the left column, there is a "Friends List" area.  Press the "Make new List" button, and enter a new friend list name.  Example:  I just created a list called "Teachers"

3) You will then be prompted to add people to this list.  So, I added you to this list.  :)

4)  Now, in the menu bar at the top, select "Settings."  This will bring up the "My account" page.

5) Then select "Manage" Privacy (4th line down on this page.)  This will bring up the Privacy page.

5) The select "Profile"  This will bring up the "Privacy > Profile" page.

6) Now I wanted to hide my friends list from "Teachers."  So, I selected the "Edit custom settings" next to the Friends line, and it prompts you as to who can see your Friends area.  In the "Except these people" area, I typed in "Teachers", and pressed OK.  

7) Save your changes by pressing the "Save Changes" button at the bottom of the screen.

Now you can't see my friends list.   :(

8) Once you save your changes, you can type in the name of a person at the top of the list, and it will show you your profile as seen by that person.  I verified you can't see my friends list now.  So there!