Guys, he didn't ask about riding technique, he just asked about shedding some weight off his bike.
When I was on the Formula SAE team at PSU, we had the lightest 4-cylinder car by a huge margin, around 50+lbs IIRC. Our car fully fueled weighed 380lb, and to get it that light we used titanium in every possible location, and eliminated absolutely anything that wasn't crucial to performance. It could have been lighter, too, but full titanium frames weren't allowed. The key, though, and the reason we were so much lighter than everyone else, was the elimination of unnecessary weight on every component on the vehicle (down to drilling out the titanium bolts and running aluminum - yes, specially coated aluminum - brake rotors) -- little by little, it all adds up. This approach is what allowed RV4 to get his VFR750 down to 300lb, and taken on a more moderate scale, can allow you to shed some decent weight off your own bike.
If you don't ride 2-up, yank all the passenger controls. Get rid of the centerstand and any extra emissions components (EVAP canister, solenoid valve, PAIR system). Eliminate the rear fender, chain guards, heat guards, and any extra brackets. Delink the brakes. In other words, all the stuff TimC said earlier.
After that, you're going to have to start spending money: '98-'99 header or aftermarket catless setup with some aftermarket pipes; lightweight front wheel & rotors; 520 chain & sprocket conversion; fastener replacement.
If you're looking for more, fab work & megabucks comes into play: single nut conversion & lightweight rear wheel (or a complete swingarm swap somehow), lighter weight rear subframe, carbon body panels, lightweight solo seat, exotic materials, engine lightening, etc. etc., the list could go on forever, and the further you go, the less and less your bike is a VFR.
Unless you go all out, you'll never get it down to what the new superbikes weigh in at, but if you are just looking at dropping a few pounds, it can be done, and it can be done cheaply, as long as you're willing to put in some wrench work.