You can mute individual chat or group notifications for a specified period of time. You'll still receive messages sent to the individual chat or group, but your phone won't vibrate or make sounds when they're received.
Alternatively, open the individual chat or group, then press Options > View contact or Group info > Mute notifications. Select the length of time you'd like to mute notifications for, then press OK.
Alternatively, open the individual chat or group, then press Options > View contact or Group info > Mute notifications > None.