Rightclick on menu ro playback- conntrols bar and uncheck "lock layout"
Then you can uncheck elements you don't wanna use, in our case that would be context. Also on each removable widget there are two buttons, one to undock it and other to close widgets.
Also you can drag applets arount to create your own layout, just like yo can do it with panels in Dolphin
Playback bar is movable, 'tho you can't remove it (for obvious reason)
Go to the main menu bar and click on View -> Lock Layout to unlock the layout. Then there should be a title bar with an [x] button on the top-right of the context window. Click on it to close it and lock the layout again with View -> Lock Layout.
Here's how looks mine