Yes it is. If you are using VISA (and you should, its better) you can use the "VISA empty buffer" VI under the "advanced" palette in the VISA commands.
If not using VISA, simply get the number of bytes at the port, read them and discard the contents.
Shane
PS my version is in german, and I forget what the exact names of the VIs are in english.... My translations may not coincide with those of NI.
Using LV 6.1 and 8.2.1 on W2k (SP4) and WXP (SP2)