The answer is... not really.
You can cut out all the extra crap, but you can't fix the fact that the scriptwriters wrote Thorin as a jerk for 90% of the movie.
(I watched a fan edit calling itself "The Tolkien Edit" which cut everything not in _The Hobbit_.)
I propose that the best way to watch _The Hobbit_ is to just watch the preview for part one that was just the dwarves singing, then read the book.