All the answers in this thread are good, and would work. But for the sake of it here's a different approach.
Based on your code and your question, what you're actually doing is removing the hover behaviour from the element. Which should be done as below:
$(document).ready(function(){
$('img#slide').animate({"opacity" : .7});
$('img#slide').hover(function(){
$(this).stop().animate({"opacity" : 1});
}, function(){
$(this).stop().animate({"opacity" : .7});
});
$('img#slide').click(function(){
$(this).unbind('hover');
});
});
Which can be refactored to allow toggling of the behaviour in a novel way:
$(document).ready(function(){
var over = function(){
$('img#slide').stop().animate({"opacity" : 1});
};
var out = function(){
$('img#slide').stop().animate({"opacity" : 0.7});
};
var on = function(){
$('img#slide').hover(over, out).one('click', off);
}
var off = function(){
$('img#slide').unbind('hover').one('click', on);
};
$("img#slide").one('click', on);
out.call();
});
Note: I haven't tested this (I'm at work), but you get the idea.