One of the uses of Process Monitor is to find and remove malicious software that tries to hide from the user:
  Process Monitor is an advanced
  monitoring tool for Windows that shows
  real-time file system, Registry and
  process/thread activity. It combines
  the features of two legacy
  Sysinternals utilities, Filemon and
  Regmon, and adds an extensive list of
  enhancements including rich and
  non-destructive filtering,
  comprehensive event properties such
  session IDs and user names, reliable
  process information, full thread
  stacks with integrated symbol support
  for each operation, simultaneous
  logging to a file, and much more. Its
  uniquely powerful features will make
  Process Monitor a core utility in your
  system troubleshooting and malware
  hunting toolkit.
I am not saying that what you want to do is impossible, rather that you are trying to do something that feels a bit dishonest.  
That being said I would like you to consider the fact that you are trying to hide a process from a utility that was written to find anything and everything by folks that are a lot smarter than you and me.