As long as you can identify the IP's that you want to exclude, you can always add the "Inferred IP" filter to any report smart list.
Ex:// Inferred IP is not 220.127.116.11.1.1 (etc)
This will remove all IP's you want excluded from your reporting but unfortunately there is no OOB way to tell Marketo not to track certain IP's.
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Shera, you can exclude certain IPs from analytics using this method from the blog: http://blog.teknkl.com/conditionally-load-munchkin-based-on-ip-ranges/
Like Keith said, this isn't OOB functionality, but works very well. Note it will completely turn off analytics for them on the client side, so no data is being sent (you can't restore/unhide it later, it simply isn't there).
Thanks, Sandford! I will try this out!