Let's say I want to remove a single event from the view so I can view the rest. How do I accomplish this? This is on a Server 2003 R2 box.
EDIT: To answer your edited question, the easiest way I can think of is to sort your Event Log by Event ID, select everything except the events you want to exclude and then
Powershell's another option, especially if you want to do that for a large number of Event Logs, but I don't have an "exclude Event ID" PS script handy, so I'm not going to punch it up unless you ask nicely.
And the now not-quite relevant original answer is below.
Yes, it's pretty easy, but a little different depending on what version of Windows you're using.
In 2008 or Windows 7:
In 2003 or XP:
You can even use PowerShell to parse your EventLogs for you based on any number of factors... but the built in filters are pretty good.