Mod talk:Obsidian Mod/@comment-74.110.20.241-20120601193414/@comment-4674838-20120601212511

Yes, you can. Make sure you keep a backup of your world and player save files (typically those are in your My Documents -> My Games -> Terraria folder) before you install any mods.

To uninstall the mod, completely uninstall Terraria, redownload and reinstall Terraria through Steam, then make sure to copy your old world and player saves back to where they were before you installed any mods. That way your game is in the exact same state it was before you installed any mods.