Yes, you just need to identify the text you wish to adjust and go to Settings>Store Settings>Language. In this area the text you have identified to adjust is in the Language Default Value column. This column can be sorted alphabetically by clicking on the title and adjusting. Replace the text you want with the New Text in the Value column.
If the text is found in the language file, you can remove it by simply placing a space in the corresponding Value column.
Make sure you save.
You can find further information on this here: Using the Language File
Article ID: 375, Created On: 11/9/2011, Modified: 11/9/2011