Yes, you just need to set the text as hidden.
Before you do that, you need to turn on the display of hidden text by clicking File -> under help Options -> Display. Then in the section Always show these formatting marks on the screen make sure that Hidden text is checked.
Now, select the text you want to hide, right-click it, and go to Font... dialog. In the dialog, the middle section is called Effects where the last (bottom-right) option is Hidden; check it. The text will now be displayed with a faint dotted underline and won't print.
If you have some data in a table that you want to hide but want to keep the table, you need to go cell by cell selecting just the text (when a cell is selected, the whole area is blue) and mark it hidden. If you want to hide the whole table, select the entire table and click the square button in the lower-right corner of the Font group in the Home tab to bring up Font dialog.