When dealing with some large ldf log files I started investigating the best methods to backup/compact/just generally deal with them.

Since the "shrink database" command within SQL 2000 Enterprise Manager doesn't always seem to do what you'd expect, here is the command to run in Query Analyzer.

backup log db_name_here with truncate_only
dbcc shrinkfile(db_log_filename_here,truncateonly)

You could script this to run on a regular basis or just as a one-off while doing manual maintenance on your dbs.