Get in real time. At the top of your News Feed, click "Most Recent." Now you're viewing a real-time view of your friends' activities--however, Facebook is still only showing posts from people who it thinks you interact with most. To change that, click Most Recent > Edit Options > Show posts from all of your friends and pages.
Now you're viewing activities as they happen, which can get a little hectic. Here's how to refine this view:
Hide friends from the feed. Instead of unfriending someone because of his bothersome updates (like, "This chicken sandwich is awesome! Jealous???" or "LOLLLL I'm cracking up!"), just hide that person from your newsfeed. Hover over an update from that person or page, and click "x." You can choose to hide just that post (which is pointless) or hide all updates from that person. They'll never know!
Tip: Hiding also works for applications like FarmVille or Twitter. Click "x" and choose to hide all posts from that app.
Filter posts by category. Click "Most Recent" and you'll see options to filter the feed by photos, status updates, links, and more.
Organize with friend lists. What if you want to view posts from just your family members, work friends, or high school buddies? Go to Account > Edit Friends. In the upper right, click Create a List. Enter the title of the list, and select the friends (or pages) you want to include. Now go back to your feed, hit "Most Recent," and you'll see your friends list(s) at the bottom of the drop-down.
Stay on top of current events. Here's a useful way to use friend lists. Put all news (media) brands pages into a list and use Facebook as a custom RSS-like reader.
Finally, the best way to clean up your Facebook feed is to simply delete friends, pages, and applications that you don't care about. But before you do,