Sure is. Go to your User Control Panel, go to Edit Options, scroll down to Misc Options and choose which forums you don't want to see.
Thanks, that's exactly what I wanted.
However, there's a slight bug. The New Posts search button under Forums still continues to count posts which are in ignored forums. So it says New Posts (2) but when I click it nothing shows up. I checked, and there's two new posts in the forums I am ignoring.
Using the Mark Forums as Read button does clear it.