Yes, you can. You can unfollow statuses, photos, videos, links, and I think pretty much anything else. The trick is that you won't see the Unfollow Post from the wall (pretty soon called timeline). You have to access just that piece of information to see it, and with that I mean if it's something like a photo or video you'll need to click on it to display it.
If it's a link or status you'll need to click on the notification.
You'll then see the Unfollow Post link like in this example:
Now since in Facebook several things work together, if you still see notifications for things you've unfollowed, check your notification settings.
Hope this little tip helps in cutting down the notifications on those pesky post. Let me know what else you would like to know in the comment section.