Is there a way to change my privacy settings for all of my photo albums and videos on Facebook at once?

If you go to Account, then Privacy Settings, you can change the settings for photos and videos you’ve posted, as well as for photos and videos you’ve been tagged in. You can set them for friends only, friends of friends, etc.

Yes.

Account>Privacy Settings

You will see a list of options on the left. Just click on the one you want and click “apply these settings.” You’ll also see little black dots under the categories as to just who can see your information.

Of course you can still customize your settings as well.