iProjects greyed out Source functions

Is there a way to group a number of source members together into something
like a project? The most logical perspective would be iProject you would
hope, but that really only complicates the process by adding another layer
of source you have to make sure is synchronized on the server side. I
don't really need to work offline. We have a change management tool which
is good for promoting and checking out, but it lacks good source grouping
for projects.