Yes. Highlight those you want unchecked. Then right-click in Windows (Command-click in Mac, I believe). The popup menu will have a Uncheck Selection option. Click it, and all highlighted items will be unchecked.
As Blackhawk2006 says, this won't delete any of the file(s). It tends to take the song(s) "out of rotation" instead. You can still click on an unchecked file manually to play it.