Yes, it is possible. In iTunes, click on Apps, this will show all of them, then highlight the apps you don't want and hit the delete key or right click and choose delete. When prompted, click on the checkbox to move the files to the Trash as well.
The next time you sync your phone, the apps will be removed from your phone..
You could also delete the apps on the phone itself by holding any app until they all start shaking and hitting the X that appears on the icons. However, until you delete them from iTunes as well, they will be restored the next time you sync..