Yes, you can do that by adding a custom menu item – and after it’s added, open it (click on the arrow on the right side of the menu item bar) and remove the URL.
As an additional note, if you remove the link and have an empty field, the front of the site when you mouseover will show an ibeam on your cursor, but you can get the hand “pointer” showing if your menu item url is a pound sign #
So you have two choices…empty or a #
yay I did it. thanks! can you help me with my permalinks? I have tried everything and they are not working once I uploaded my site via godaddy my site is http://www.farmtoyaussie.com
permalink issue resolved. I had not published my pages, they were still in draft mode.