in SQL Server 2000

backup log [database name] with truncate_only
(run this in query analyzer)

(open enterprise manager and expand the server tree)
--right click on the database
--all task
--shrink database
--bottom button (on right side of form) for files
--select sql log file (default is data file so make sure and change it)
--click ok

the log size of my main database was 67 gigs. I ran this and it shrinked my database size from 67 gigs to 50 megs (49 of which is the data file)