In the Lirbray Pane, selecting the unnecessary folder and clicking "Stop sharing" will be enough.
That doesn't mean that the folder will cease to exist. Only that LW will not share any of it's contents (and thus, is won't be visible anymore in the Library Pane). You still have to go to it and delete it in your HD.

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iMac G4 OSX 10.3.9
RAM 256MB
LW 4.10.5 Basic
ADSL anything from 3 to 8Mbps/around 1024kbps

"Raise your can of Beer on high
And seal your fate forever
Our best years have passed us by
The Golden Age Of Leather"
-Blue Öyster Cult-