Not until you get the Battle Tower at level 17-20. The capacity for it is 400 items, which is more than enough if you sell stuff you have no use for.
Until then, you'll just have to avoid picking up many herbs, plants and gemstones, and use the alchemist and enchanter to remove formulas from your inventory you find. Sell or destroy books you have no further use for. After about level 10, sell or destroy all food and drink items you pick up, they don't recover enough to be worth using.
You can redistribute skill points once you get the Battle Tower, but attribute points are permanent. It costs 5000 gold to unlearn all your skills the first time, 10000 the next time, and it keeps going up, so try not to relearn everything too much.
