Not with the default menu.

You could do this if you add some .NET code to the skin.

<%If Request.IsAuthenticated%>

put hard coded links to the admin and host pages here

<%End If%>

This will not result in a dropdown menu though and it's not very portable

You could also use HouseMenu and hide all the menuitems but the host and admin ones.

Also there is a free module at snapsis you could use...

You could buy http://www.snowcovered.com/Snowcovered2/Default.aspx?tabid=242&PackageID=2031 It contains a skin object that has the option you want. It is a variation of solpart and behaves the same (with improvements)

Peter