Old friends you have grown out of... what to do?

[TheBigPicture]

First some quick background information. I am 21, and the majority of the "friends I have grown out of" I knew when I was in high school with them. Now, usually I am pretty proactive when I want something and I don't stop until I get it. Although, I realized recently that some friends I used to hang out with, I want to stop hanging out with altogether, because we either a) don't have enough things in common for me to hang out with them anymore and enjoy myself, or b) They are the kind of friend I would have made when I was a lot younger and a lot dumber and a lot less strict about who I hang out with. For example, some of my older friends wouldnt ever go out to pick up chicks, or are kind of a clown and I didn't really realize it until now.

I am aware that I come across as an [censored] saying this, but I am just trying to re arrange my friends to where I am satisfied, and yes, at this point I'd rather not have any friends than hang out with some of my old ones. Is there any polite, and possible way to tell my friend or friends that I don't want to hang out with them anymore without them feeling hurt, or without them thinking Im a total [censored]? Has anyone been in this situation before and can help ? I would really appreciate it.