Standard caveat about class overrides being the last resort for implementing your own functionality
It's probably possible to fiddle with the loading of the Magento global config to strip out a core Magento Observer, but there's no supported way for doing it.
However, consider how the Core observers are configured.
<adminhtml>
<events>
<cms_wysiwyg_config_prepare>
<observers>
<widget_observer>
<class>widget/observer</class>
<method>prepareWidgetsPluginConfig</method>
</widget_observer>
</observers>
</cms_wysiwyg_config_prepare>
</events>
</adminhtml>
Observers are Magento Model classes. If a Model's been configured with the URI/path based syntax
<class>widget/observer</class>
as opposed to a full PHP class name
<class>Mage_Widget_Model_Observer</class>
you can create an override for the Observer Model class (just as you can for any other Model). If a PHP class name's been used, you're out of luck. (You could place a local file in local/Mage/Widget/Model/Observer.php if you're willing to take on the responsibility of maintenance, but I don't recommend it)
So, to override the above observer, you would
Create a custom module that include an override for the class Mage_Widget_Model_Observer.
In your override class, either redeclare prepareWidgetsPluginConfig
to do what you want OR override the specific method. This could include a empty method to completely remove the functionality.