You can sort them by going to the 'My Worship Resources' screen. Select 'Common Elements' and then you can drag and drop them in what ever order you want. There is even an ability to create folders. (The yellow folder icon on the top menu bar.)
A couple of things I found out. First, when you select an item to move, click and hold the mouse button for a second or so before you move it, otherwise the item doesn't seem to be 'grabbed' by the pointer.
Also, at least in early versions, the program will crash if you move a lot of items at once, and if it does, it won't remember any of the reorganization. So, if you have a lot of items you want to organize, I'd close down LSB after every 4-5 items moved. This will then 'save' it.
On a side note, I've been meaning to mention something about the folders. When you create a folder in the 'My Worship Resources' the name does not become bold until you actually add an item to the folder. Before that it is simple in normal text. This makes it hard to distinquish from an element at first glance. The only way to know it is a folder is that when you click on it, there is no window on the right side of the screen.