Last Updated: Jan 10,2010
Yes, sort of.
With the AnyCut or BetterCut apps, you can create new standard shortcuts with any name you want, even a "blank" one.
The shortcut name can't be truly empty though and requires at least a single space, which unfortunately leaves a grey oval under the shortcut where you'd usually see the white text.
When used with a dark wallpaper, the effect isn't noticeable, but it stands out badly against a lighter colored wallpaper.
You can also try the More Icons widget, that allows for creating shortcuts that are 1/4 the size of the standard icons. These smaller icons have no text or spaces at all under them.
Separate names with a comma.