When you buy a reserved instance, you have locked yourself into the contract, whether it be 1 or 3 years. In return for lower pricing, you agreed to keep the server for that term.
If it's a light or medium duty instance, you can simply stop using it and stop accruing hourly/daily charges - a heavy instance (which I am guessing is what you have), gets billed 24x7 whether you use it or not.
So, in one sense you are 'stuck' with it, but you do have the option of selling your unused instance 'used' here: http://aws.amazon.com/ec2/purchasing-options/reserved-instances/marketplace/
You probably will be able to get back at least some of your costs - I have bought several hear myself when I need a heavy/reserved instance, but didn't want to lock myself into a three year contract.