You can either do that with real folders and create incoming and outgoing filters that trigger on the addresses of your contacts. That's more or less what I'm doing a lot, though I don't filter on single contacts, but on groups of contacts (address book groups)

You can also create a virtual folder.
Create a virtual folder for every contact
and on the filter tab you can select 'advanced filter settings' and that's where you can add conditions to your heart's desire.