Organizing Activities into "Projects" using "Associate With"?

[MadDog]

Any project can have a number of tasks associated with it and I'm wondering how I can use ACT! 2010 to organize my Activities into Projects. It's not obvious to me that there's any way built in to do this and I couldn't find an answer already posted.

I see that there's an "Associate With" field with a drop down for Companies, Groups, and Opportunities. 

Is there a way to create a custom field called "Project" that can be added to the "Associate With" drop down? If so, how, and how can I then add Project records to this new field?

Or is there another or better way?

[GLComputing]

Create a Group for each Project and associate the activity with the Group - it's one of the powerful ways I've used Groups since they were first added to ACT!

[MadDog]

OK. If I do this then by using Groups, is there then a way to filter the Task List so that only those in a particular group show? I'm not seeing that there's a way to create a Look-Up for this, so that I can print it or generate a report using it.