4 wheel drive

I am in the market for some advice, I have a series 3 with an over drive and for the next six months I want to use it as a daily runner, but I DO NOT need 4 wheel drive, can i remove one of the prop shafts to acheive this with out damageing the diffs or will i need to invest in some free wheeling hubs

Kindly elucidate?

I have corrected my poor English

Select 2WD then. Doesn't get simpler than that.

DON'T use 4wd on tarmac - there's no centre diff on a series (unless it's got the V8 box I think??) and you'll knacker the gearbox.
You can save a bit of drag in the system by fitting freewheel hubs which disconnects the wheels from the front driveshafts, diff and propshaft and prevents these turning in 2wd. Removing the front propshaft still leaves the front diff and driveshafts rotating so it's not as effective as freewheel hubs - and you'll look bloody silly if you get stuck in mud or snow!

I had a S3 about 20 years ago, if I was you I would go for the Free wheeling hubs, found them easy to use, and no hassle, depends on how long you want to keep the old girl.