Rightclick on the textbox (on the edge)
choose "Format Text Box" or "format control"
(depends on where you got the textbox--from the Drawing toolbar or the control
toolbox toolbar)
Then choose the properties tab and uncheck Print Object.
If you want to hide text in a cell, you can format it with a custom number
format of:
;;;
(3 semicolons)
or even give them a font color to match the fill color.
(manually, via a macro or via format|Conditional formatting)
Ron de Bruin shares a macro method:
http://www.rondebruin.nl/print.htm#Hide