It's only really possible if the plug-in provides a means of doing so. A well-written one should, usually by providing a "method" called destroy. For instance, in jQuery UI, you can remove a datepicker from an element like this:
$("selector").datepicker("destroy");
If the plug-in doesn't provide a means of doing it, it gets a bit tricky. You could clone the element without cloning events and data, and then replace the original with the clone, but that's unlikely to be effective in all cases and really is a hack workaround more than anything else.