I recently watched Randy Pausch's lecture on time management (1 hour). It's a good reminder of things to consider when dealing with people and simultaneously trying to accomplish great things. Inspired, here are some of my communication management hacks.
Generally, I subscribe to Paul Graham's Maker's Schedule, Manager's Schedule. I attempt to identify large blocks of uninterrupted time using the fold calendar and then avoid interruptions while I get stuff done.
Sometimes I'm not looking to get that much done, so I disregard these concepts. But they have served me well in times of need.
Communication notification philosophy
Basically, turn off real-time automatic notifications of communication while leaving some channel for messages of critical importance.
I like Tim Ferriss's adage of "sometimes you need to let small bad things happen to get large good things done."
Email is simply not the correct medium for anything time-sensitive because it is asynchronous. You should not expect a response in less than three days to email you send, and you should not need to respond to emails in less than a day. No email should be important enough to warrant blocking the most important thing you should be doing. If the concern truly is pressing, the person will just have to call you. Set the communication guidelines clearly, and help others understand how you can best be reached.