Found this nice article on how to truncate or totally eliminate log file in SQL Server 2005. I had to do this, because one of my websites' log file got up 6Gig. The procedure is not recommended by Microsoft for live databases, but I could not afford to have it take up that much space. Something had to be done. :)
Eliminate the log file completely
Detach the database
Rename the log file
Attach the database without the log file by highlighting the log file and click the 'Remove' button