Is it okay to stop being friends with her?

I have this friend who i've known for eight years but no longer want to be friends with. I feel bad admitting that because she's not specifically done anything to me to make me feel like this it's more of who she is as a person. When I met her she was this lovely, quiet girl but years down the line she's become very narcissistic, vain and promiscuous. She's got me into plenty of situations I didn't want to be in and I think we no longer have anything in common. I don't want to upset her or fight with her but I want to end our friendship. Should I go ahead with this and if so what should I do?