General :: App For Intercepting Data Connections?

I am looking for an app that can:

- make a log of all the other apps, including stock ones, that make attempts or actual connections to the internet, and at what time
- be able to intercept those connections
- preferably I would create a white list of apps that are allowed to connect, but others do not have permission.

Purposes include:
- saving on bandwidth in poorer countries where internet is expensive.
- making sure apps or malware doesn't try to send off my data when it shouldn't be.
- prevent annoying background sync/apps from running when I don't want them

I find it strange that we either give all the permissions the app wants, or it doesn't work. Why can't we restrict their internet access?

Does this sound feasible? Does it already exist?

I'm rooted and using an Asus Transformer.