Hi Kyle,
If you have a sales order where the picking list has not been posted, you can remove the reservation from the sale order line by doing 'Inventory' -> 'Reservation'. In the 'Reservation' form that opens, delete the value in the 'Reservation' column.
If the order has an open picking list, then I think the Reservation column will already be blank (because the Reservation will have been moved to the Picking list).
If going into each sales order in turn gets tedious, you could investigate the 'Release sales order picking' form:
technet.microsoft.com/.../aa496962.aspx
It will list order lines, and you can update the value in the 'Reservation quantity' field (and if the picking list has already been posted, I think the order won't even appear on the form, or if it does the 'Activate remainder' field will be blank).