It is best to try this procedure, on a test computer, and after getting confirmation, do it in real.
Yes, it is possible to remove an existing unused logical voulme in red hat (not only in red hat, almost all Linux distro) by using “lvremove” command. But before doing this, unmount the logical volume (which is going to be removed) by umount command with ur logical volume name. U may use vgdisplay to see the listings.
Also it is possible to extend the same with lvextend command. Remember, what space u require, don’t forget to mention as “lvextend -L10G /dev and rest ur lvm name. Here it extends to to 10 gb, u may try as ur requirement.
Remember, it is better to unmount the home partition for safe guard. And also take necessary backup with proper tools. Coz, resizing / removing lvm is very risky and cause to serious data loss or even make the system damage. So, before doing this, keep ready one of a rescue disk like, Knoppix / SysResCD in ur hand.
See here a Good Administration Guide.