Not really (unless you don't have an application.cfm file at all), but you can make it so the CODE in the application.cfm doesn't run when you visit a page. Just use an IF statement to check and see what page is being loaded. IF it's NOT the page you want to exclude, process the code in application.cfm, if it IS the page, skip the processing and do nothing.
Try this in your application.cfm:
<cfif GetFileFromPath(GetTemplatePath()) NEQ "Page.cfm">
...Whatever code you want to execute...
</cfif>
Hope This Helps!
Ecobb
"Alright Brain, you don't like me, and I don't like you. But lets just do this, and I can get back to killing you with beer." - Homer Simpson