Yes, you can do this rather easily.
(1) Go to Profile -- > Notifications and Email --> Un-check "Turn notification on when you post or reply to a topic."
(2) Control your notifications in a per-thread fashion. Do this by going to the thread you want notified about and click the button *Notify* located in the bar atop the first post (Next to Reply, etc.)
Now to remove that thread from your notifications ...
Go to Profile - Notifications and Email ... you will see the threads you've subscribed to there. Select the thread you want (check the box next to thread name) and his *UNSCUBSCRIBE*
Bingo
Hope that helps