Creating a hash of a string thats sortable
This won't be possible, at least if you allow strings longer than the hash size. You have 256^(max. string size) possible strings mapped to 256^(hash size) hash values, so you'll end up with some of the strings unsorted.
Just imagine the simplest hash: Truncating every string to (hash size) bytes.
As others have pointed out it's not practical to do exactly what you've asked. You'd have to use the string itself as the hash which would constrain the lengths of strings that could be "hashed" and so on.
The obvious approach to maintaining a "sorted hash" data structure would be to maintain both a sorted list (heap or binary tree, for example) and a hashed mapping of the data. Inserts and removals would be O(log(n)) while retrievals would be O(1). Off hand I'm not sure how often this would be worth the additional complexity and overhead.
If you had a particularly large data set, mostly read-only and such that logarithmic time retrieval was overly expensive then I suppose it might be useful. Note that the cost of updates is actually the sum of the constant time (hash) and the logarithmic time (binary tree or heap) operations. However O(1) + O(log(n)) reduces to the larger of the two terms during asymptotic analysis. (The underlying cost is still there --- relevant to any implementation effort regardless of its theoretical irrelevance).
For a significant range of data set sizes the cost of maintaining this hypothetical hybrid data structure could be estimated as "twice" the cost of maintaining either of the pure ones. (In other words many implementations of a binary tree over can scale to billions of elements (2^~32 or so) in time cost that's comparable to the cost of the typical hash functions). So I'd be hard-pressed to convince myself that such added code complexity and run-time cost (of a hybrid data structure) would actually be of benefit to a given project.
(Note: I saw that Python 3.1.1 added the notion of "ordered" dictionaries ... and this is similar to being sorted, but not quite the same. From what I gather the ordered dictionary preserves the order in which elements were inserted to the collection. I also seem to remember some talk of "views" ... objects in the language which can access keys of a dictionary in some particular manner (sorted, reversed, reverse sorted, ...) at (possibly) lower cost than passing the set of keys through the built-in "sorted()" and "reversed()." I haven't used these nor have a looked at the implementation details. I would guess that one of these "views" would be something like a lazily evaluated index, performing the necessary sorting on call, and storing the results with some sort of flag or trigger (observer pattern or listener) that's reset when the back-end source collection is updated. In that scheme a call to the "view" would update its index; subsequence calls would be able to use those results so long as no insertions nor deletions had been made to the dictionary. Any call to the view subsequent to key changes would incur the cost of updating the view. However this is all pure speculation on my part. I mention it because it might also provide insight into some alternative ways to approach the question).
Yes. It's called using the entire input string as the hash.