In Ubuntu 11.10 with Gnome Classic shell I managed to add some links to the application panel (top panel with Applications, Places menu). But I don't know how to remove a link from the panel.
Press Win+Alt and right-click the short-cut link to be presented with a right-click menu. You should be able to delete the link.
If you are using fall-back mode then this key combination is Alt and right-click
Well that button combination didnt work for me (im using fall-back)..
Solution: Right-click Applications button (top left corner) and then go to EDIT MENUs...
You should be able to take it from here, good luck!