You can have Visual Studio install components onto a separate hard drive from your primary but be warned, you still end up with a lot of data on your primary drive.
I tried to install VS 2008 on a machine with 2gb of hard drive space on the primary and a lot of the secondary, you still end up with about 1gb on the primary though.
Try methods to clean up your hard drive, run the Disk Cleaner tool (I found 10gb of MS error emails the other day!). Also, try removing features you wont need, MSDN is a huge install but if you're always online google is just a few clicks away, if you aren't doing VB, don't install VB (or C#, or J#, etc).
Scott Hanselman has a recent post on freeing up disk space in Vista: http://www.hanselman.com/blog/GuideToFreeingUpDiskSpaceUnderWindowsVista.aspx