There is a free Visual Studio 2005 though, actually several of them Visual Studio 2005 Express Editions Jen
I actually advise the 2005 Express over professional. It is a lot less bloated, and a lot faster Same goes for SQL server express.
And if you just want to have a cool development tool for .Net with very similar (and some additional) features, there is a free OpenSource IED called SharpDevelop at: icsharpcode.net/OpenSource/SD/ Or Microsoft's free alternative tool, called Matrix at: asp.net/webmatrix/download.aspx?tabindex=4