I'm a former Southern Baptist who recently switched to a Free Will Baptist Church (MAJOR grievances with the local SBC association director). Southern Baptists, of course, believe in once-saved-always-saved. However, I actually ran across something once on WorldNetDaily that refutes that. Believe it or not, Karl Marx and Friedrich Engels were once born-again believers who had an...I think atheist professor in college who had convinced them that Christianity was a fraud, and since they didn't have the resources to refute what he had to say...well, the rest is history.
Therefore, in light of that, I would say that yes, one can reject their faith -- but at the same time, I can't help but wonder, why would anyone in their right mind want to? Also, most if not all of the warnings in scripture regarding forfeiting one's faith were targeted toward believers in New Testament times who were being pressured by society in general to return to Judaism. I'm no theologian, but I would expect that the pressure to ditch Christianity back then was HUGE, thus the numerous warnings against falling away.
For the record, our pastor, at the Free Will Baptist church I attend, believes in eternal security (odd for a Free Will Baptist pastor, but true).