You mean unassigning a CPU from an LPAR? That is dynamic, as long as you don't go below the minimum CPU setting for that LPAR. For AIX52 DLPAR or AIX53 DLPAR you add/remove whole CPUs. For AIX53 SPLPAR you tweak the CPU entitlement, the number of virtual CPUs, the Capped/Uncapped setting and possibly the UncappedWeight.
Physically removing/replacing a CPU card on a p5 is not a customer task and involves a serious downtime.
HTH,
p5wizard