I know it is possible to define groups of friends. But how do I allow/exclude groups to see a photo-album ? Is it possible?
Create a list of the friends that you want to be able to include or exclude for your album.
Then you need to :
When I tested this initially my friend list did not appear but as it turns out you can add friend lists to the privacy settings.
You should be aware that is a friend is a member of two lists the most restrictive permissions are applied to your friend.
Further information on Friend Lists can be found here