If the material you want to comment out is in a separate cell, or you position the cursor and divide the cell with <shift><ctrl>d to put the material in a separate cell, then you change the cell properties and make that a text cell or a Section cell or a SubSection cell or any other kind of cell that isn't evaluated.
Later you can merge the cells back together by selecting the desired cells and merging with <shift><ctrl>m
This would not be appropriate for some things.
Or... something perhaps much less appropriate. What if you picked one of the otherwise unused characters, defined it to be an operator, which is really just a function, set the attributes so that it would not evaluate any arguments and had the operator return Null. I am not certain all this could be done or that this would be a good idea.