Social Interaction Screen Whitelist!

I love the idea of blocking out annoying players, and it got me thinking (As you probably guessed by the title) - What if you could just filter chat to only show the people you were playing with? Allowance could be made for server administrators and server console messages, so nothing important would be missed - It would be almost like having a private chat room with your friends, which could be super handy on some large servers!