I use fold-dwim.el. From the emacs wiki:
fold-dwim.el is a unified user interface for Emacs folding/outlining modes. It supports folding.el, hideshow.el, outline.el, TeX-fold.el, and nxml-outln.el
You can get it here:
http://www.emacswiki.org/emacs/FoldDwim
I have this in my .emacs:
(require 'fold-dwim)
(global-set-key [(C kp-4)] 'fold-dwim-hide-all)
(global-set-key [(C kp-5)] 'fold-dwim-toggle)
(global-set-key [(C kp-6)] 'fold-dwim-show-all)
Keep in mind that you still need to activate hs-minor-mode, folding-mode, etc. but I find it easier to use them this way.