Today Facebook rolled out a slew of new and improved settings and controls.
The one that stood out as a "plus", (pun intended), is a means to restrict sharing of certain things to lists or groups, (or "circles"), of people and exclude sharing that content with others--
"...This dropdown menu will be expanding over time to include smaller groups of people you may want to share with, like co-workers, Friend Lists you've created, and Groups you're a member of. These will make it easy to quickly select exactly the audience you want for any post."
This should make it easier to maintain your drunken college persona and do business on Facebook with button down associates -- just keep the circles from overlapping.
Another feature will let you more easily remove content -- in case you decide to abandon your drunken college past and go 100% "button down".