To disable IPS on a single machine, you'll have to move it into a group of its own and withdraw the IPS policy from that group (as I mentioned earlier).
The level of protection you have left depends on what else is installed and how it's configured. In a typical install on a server with the "Full Protection for Servers" feature set chosen, you still have AV, Download Protection, SONAR, A&DC, and the FW to protect the machine with. Configure these as appropriate.