Removing Layer Styles From Layers
If you've applied a layer style to a layer and later decide you want to delete that style, you can do it directly from the layers palette. Just click on the named effect and drag it to the trash can at the bottom of the layers palette.
If you want to just hide the effect from view (and not delete it entirely) click on the eye icon next to the effect you want to hide. To reveal the effect again, click where the eye icon used to be. Voila!