There are a few things you could do...
1. Instead of using Add/Remove Programs, download
CCleaner (install without Yahoo! toolbar) and use its Tools feature instead. It doesn't solve your problem, but this is an incredibly useful program and it's much faster.
2. Use the Delete Entry feature in CCleaner to remove those updates from your uninstall list. The programs will still exist, but when you open Add/Remove Programs, they won't show up anymore.
3. Open up My Computer and go to Tools > Folder Options. Show hidden files/folders as well as system files/folders. Go to
C:\WINDOWS and delete all of the
$NtUninstallKB******$ folders. You can then choose to uninstall them with Add/Remove Programs. Because the files are missing, the entries will be removed from the list.
NOTE: If you do this, you won't be able to uninstall any of your hotfixes and security updates in necessary. Because of this, I would suggest that you first backup all of these folders onto a CD, just in case you ever need to uninstall of the updates.
4. Simply uncheck
Show All Updates like you mentioned. I gave you different alternatives because you asked for them, but I really see no reason to not go with this option.