You can change your privacy settings by clicking on the Accounts tab in your Facebook account.

Click on Privacy Settings to control what you share and with whom you choose to share. You can set privacy controls for individual friends, or create groups. You may have some friends who post too many status messages, and you don't want too much information turning up on your Home Page new feed. You don't want to unfriend or block them permanently, but you do want to hide their posts. The good thing is that you can customize and change your privacy settings on Facebook at any time.

If you chose to hide a friend on Facebook, the decision is always reversible. To unhide a friend, scroll down on your Home Page until you get to the bottom. Click "Edit Options" to remove a friend from the Hide list. This will reinstate the option of seeing their status updates.