There is nothing out-of-the-box in Sitecore to achieve what you want but there is no reason you cannot create a composite custom field type to do this. The following articles will help you achieve this:
Create a new control, inheriting either from Droplist (if the comparison of the value is to be text based) or Droplink (for comparison of ID). You could add a parameter in the Source field of the control to specify what the values that trigger the hide should be.
The underlying control in the Content Editor is just a standard HTML select element. Add onchange events to the control and add your Javascript handler to hide the other controls. Since I could not find a way of adding additional custom css classes to the Sitecore controls, it would be best/easiest to hide all other controls in the same collapsible group after you control. This would mean you would need to group your controls better (or logically at least).
The Javascript will be something like this (the Content Editor uses the Prototype JS framework):
if ($(this).getValue() == 'no') {
// find the parent container of this control and then hide all the next siblings in the same group
$(this).up('.scEditorFieldMarker').nextSiblings('.scEditorFieldMarker').invoke('hide');
}
You can test this by running the above in the console, change out the keyword this with the id of your field, e.g. $('FIELD2292054').
What I am not sure about is how to trigger the hide on initial load, i.e. when someone returns to an existing item, it may be possible by adding to one of the pipelines, but would be better using a JS solution if possible. I'll have a think about this and get a proper code sample up over the next few days.
EDIT: You can add an event handler to sc:contenteditorupdated to handle the content editor being rel-oaded.
document.observe("sc:contenteditorupdated", myFunction);
I wrote up a blog post and put the code on GitHub if you are interested.