I think I pretty much know how to do it and how to get rid of all the wires running them through the drywall.

However, what can I do with the satellite receiver? i'm not wild about putting a mount and having it stationed by the wall-mounted TV. How can I hide the receiver? How have others hid theirs?

Do you have a closet nearby? If so, put the sat receiver in it and use a Hot Link Pro to control it. See **************** home page http://www.*********************/ for info on the Hot Link IR gear. If your sat receiver has RF remote capability, that is another solution that won't require extending the IR link.