Firstly & foremost,back up your registry & try to be a good boy!
If you simply want to disable dial-up networking, you may go to add-remove programs & then to windows components->accessories. Disable it.
For removing or hiding, you'll have to edit registry:
Open registry editor by typing regedit.exe in the run from start menu.
1.Go to following key:
HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\explorer
\desktop\namespace\
Here, you'll see many CLSID keys:
Delete the following key:\{992cffa0-f557-101a-88ec-00dd01ccc48}
Note: The key maybe different in your OS. If you're not sure, simply click on each key & see the function in the value column & take action appropriately.