What kind of album? That will depend on how you created the album.
- Albums synced to your iPad from iTunes using photo sharing will be deleted by syncing again with this album deselected.
- Albums based on tags and flags will be deleted, when you remove the tags from your photos.
Yes you can delete albums from your device.
If the album was added within the Photos App you can delete it using the Photos app.
If the album was copied to your device when you synced with your computer you need to sync again but this time deselect the album you want to remove.
Albums added within other apps like PhotoManagerPro are deleted within their respective apps.