Apart from creating folders with a FILE MANAGER APP that you can download from BLACKBERRY APP WORLD, you can create folders by dropping one APP onto another.
Then you can even change the name of that folder which has more than one APP in it by following this procedure which I posted under another topic as follows:
Re: Cannot change homescreen folder name (posted a week ago)
Hey, not that I'm a genius but I just solved my own problem that I posted.... 
It's like this, for anyone else who couldn't figure this out (the USER GUIDE must think we're all pretty smart... However, the USER GUIDE just doesn't go far enough to explain how to rename a folder.
PROCEDURE TO RENAME A FOLDER CONTAINING more than one APP (ICONS):
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1) TAP AND HOLD the folder until it starts blinking.
2) WHILE IT IS BLINKING, TAP the folder and go inside it
3) Now you will see that the folder name sits on about a 1" (one inch) long, greyed tab. This looks just a little different than when you normally just TAP a folder and go inside to activate an app (you don't see this 1" greyed tab when you do this).
4) PRESS FIRMLY THE NAME OF THE FOLDER THAT SITS ON THIS ONE-INCH LONG GREYED TAB (do not "TAP") FOR JUST A MOMENT ---- THEN TAKE YOUR FINGER OFF THE SCREEN.
5) VOILA! The edit box appears. Now rename the folder or cancel this action.
