I'd agree w/that 'cept I think the first 5 should be separated as they are truly only introductory and have nothing to do w/the wave arc.
So for me:

1. Introductory episodes
2. Wave Arc <---best arc! XP
3. Chuunin Exam arc
4, Chuunin Tournament/Invasion of Konoha arc/"Gaara Arc"
5. Tsunade/Rasengan arc (starting w/the return of Itachi)
6. and then the most recent Sasuke arc

Naruto's pretty weird to me in that it doesn't have clear cut story arcs as most shounen series do (where they are separated on the basis of which big baddie they are trying to beat). Otherwise everything since the "Zabuza arc" would have become the "Orochimaru Arc".