Hi,
Yes, it's possible, but the solution is not trivial. I've just built a personalized KDE (from 4.6.5 sources and Eric Hameleers' build scripts), leaving out all unneeded apps and building only the modules I need for everyday productivity.
Here are my build scripts, HOWTOS and configuration files:
Code:
$ svn co svn://svn.tuxfamily.org/svnroot/microlinux/slackware
Take a peek in the 13.37/source/kde-lite-* directories to get an idea.
Basically, every KDE module has a CMakeLists.txt file at the root of its source directory. What I do is simply edit this file and comment out every app I don't wish to build. For example, I have no use for Konqueror, so I disable it. I favour Pidgin over Kopete, so I'll do the same here. And so on. Of course, I don't build the thing manually. I make like half a dozen patches (for kdebase, kdegraphics, kdenetwork, kdemultimedia and some others) and then simply run the master build script for KDE, which will spew out a nicely stripped down desktop after a couple of hours.
You can spend a whole weekend over it the first time you do it, but the double advantage is you'll get to know KDE quite well, and it's done very quick for all subsequent updates. Of course, YMMV.
Edit : of course, you can take a simpler approach and just "hide" unneeded applications in the menu. To do this, take a peek in /usr/share/applications/kde4. For every entry you don't want, simply append this to the according *.desktop file: