in the custom preset menu/area is there a way i can save multiple presets to the mem stick or something like that or do i have to just adjust all the levels and remember where i put everything to achieve a certain effect.

As far as I know you can only save one preset, and they can't be saved to the memory stick. Although that would be a great feature.

No, there is only one preset and there isn't any way to save it or get it out of the camera. Interestingly, the new HVR-V1 is the only Sony prosumer camera that allows saving/sharing presets.