These instructions are for the AOL client software, which doesn't make it easy to ignore some or all IMs.
To turn IMs off, open an IM window, address it to $im_off, and click "Send". You'll get a message that says "You are now ignoring Instant Messages". You can still send IMs to other people though, so remember to turn them back on if you want to get any replies.
To only ignore Instant Messages from one person, do the same thing as above with the IM addressed to $im_off screenname, where screenname is the screenname of the person you want to ignore.
To turn your IMs back on, open an IM window, address it to $im_on, and click "Send". You'll get a message that says "You are no longer ignoring Instant Messages".
If you're ignoring a bunch of people, or everybody, and you want to accept IMs from someone, do the same thing as above with the IM addressed to $im_on screenname, where screenname is the screenname of the person you don't want to ignore.