The Delete option will permanently remove an email address from all lists within your account. You can use Edit Lists to select, remove, or add an individual email address to/from any of the lists within your account.
Login to your VR account
Go to Lists | Mailing Lists and click the Master List
Use the Search feature to find the list member
Click the Actions link to the right of the email address and select either Delete to remove from all lists or Edit Lists to manage list membership
Delete will immediately remove the email addresses from your account. Edit List will display all lists in your account allowing you to select which this email address should be included in.