Hi Tracy,
Not as such, but depending on the nature of the project, you could change the Owner to be a SysAdmin and update the permissions so that no one has rights to Manage it (i.e. View only). Another option would be to "hide it" by assigning it to a special SysAdmin Only group. You might also consider creating a special Do Not Change status (based on whatever underlying status fits best) and adding an Approval Path to the Project requiring only SysAdmins to be able to change the Status.
Regards,
Doug