Yes, but the details will depend on the version of FileMaker that you are using. If you are using FileMaker 13, the "hide object when" setting on the inspector's data tab can be used to do this.
If you are using an older version, see this demo file for a number of ways to make layout objects appear and disappear: https://www.dropbox.com/s/8levaz6deiyzjr8/LayoutObjectVisibilityControlDemo.fp7
If you are using FileMaker 12, use Open from FileMaker's File menu to open this file and produce a copy converted to the newer file format.
I just upgraded to filemaker 13 - can see I can use a calculation. Not sure how to get the 'or' into the calculation since I have a string words where when chosen in a 2nd field I want the field to be invisible and only one word it needs to be visible.?
YourTable::Field = "word1" Or YourTable::="word2" or YourTable::Field = "Word3"
or you might do this:
Patterncount ( "Word1 Word2 Word3" ; YourTable::Field )
And in some cases, this option works better if you have internal spaces in your "word" text:
Not IsEmpty ( FilterValues ( List ( "Word1" ; "Word2" ; "Word3" ) ; YourTable::Field ) )