sure, switch to /usr/src/linux (or downnload and unpack the latest kernel from www.kernel.org
) and then switch to the source directory
then do a make menuconfig (for a text based menu for configuring the kernel) or make xconfig, for an X based version of the same, go through ALL the menu options, checking what you need and unchecking what you don't need, some items can be built as modules, that is to say they can be inserted or removed without recompiling, once you have it comfigured to meet your needs then exit, saving your configuration of course, then do a
'make dep clean bzImage modules"
'make install, modules_install'
this is all done as root of course
and make sure you leave a copy of your old kernel some how to fall back on in case something goes wrong