Yup. Cut it, gut it, weld it.
You know that fiberglass is the stuff that does the muffling right? With it removed it is just a resonator. You can get a resonator for cheap, and it will help reduce the sound. I prefer having a cat and a resonator to having any kind of a muffler. You can get resonators at a muffler shop.
Tom - '90 Talon