Here is an application to solve this issue on your TV. This application detects the fundamental frequency of the vuvuzelas (around 233Hz) and applies a notch filter to it and as many harmonics as you specify. It will considerably reduces  the annoying background noise without too much interruption of the commentary and other audio.

Its working is simple; just connect the audio output of your TV to the sound card of your PC (Line-in). Then connect your sound card output to a speaker system or headphones. Now you can hear the commentary without the annoying sound of the vuvuzela. Download the application at the source. [via and image courtesy: decibel]