Password protected access to phone features

Is it possible to password protect access to certain phone features s.a. ability launch google-play (to install new apps), and certain apps ?

Is it possible to restrict ability of a phone to make phone-calls or send/receive SMS's to/from particular set of numbers, under password control ?

User experience would be that they are prompted to enter a password/secret-PIN to access these features. If user enters the correct password/PIN they get access to the specific application otherwise not.

Edited (Sept 19, 2012): Looking for solution that does not require flashing custom ROMs. Thus MIUI, Aliyun, Cyanogen-Mod etc. are not feasible, as I require the solution to work on the ultra low-cost Android devices which use Mediatek chipsets.