Collaboration Mode

It seems like everytime I start to do some serious building/creating with a group or class I get bombarded by IM's. I would be great to be able to set IM's and other chat to off and still keep chatting w/ my collaborator/teacher/class.

I know you can set yourself to busy, but then no one can talk to you either in chat or IM, and all the chat around you is suppressed too.

This would also help when you are busy in a class and people drop by not to participate but to add commentary (mostly unwanted ). This way you would only hear the chat and IM's of those in your collaboration group.

Maybe some kind of new temporary work/collaborate mode?

IOW, a localized chat system of particular individuals. Initiated by one user that would "invite' other users to join and chat. Something that would integrate with what we already have. Maybe inside a certain range?