Hi,
Yes
If you wish to completely remove ip inspect, you will have in the config:
ip inspect name xxxxx [protocol]
i.e.
ip inspect name OUTRULE http java-list 15 alert on audit-trail on
ip inspect name OUTRULE tcp alert on audit-trail on
ip inspect name OUTRULE udp alert on audit-trail on
remove all the entries and remove the "ip inspect [name] out/in" from the interface that it is applied to...
i.e.
interface FastEthernet0/0
ip inspect OUTRULE out
IOS will run as normal, but be aware that you may have to change the ACL's on the inside or outside interface if you wish to adjust the traffic permitted/denied. It depends on the configuration and what traffic was being inspected.
Conversely you could just remove the ip inspect from the interface and leave the inspection rules in place in the config to allow you to re-use/adjust them if necessary.
The following URL will help shed some light on CBAC
http://www.cisco.com/univercd/cc/td/doc/product/software/ios120/12cgcr/secur_c/scprt3/sccbac.htm
HTH
Ali