Sql-server – Reducing DB size while restoring

No: the log is an essential part of the database and is used during RESTORE process (redo/undo phases) to ensure consistency.

Use WITH MOVE to restore to a compressed folder to gain "more" disk space temporarily. Or an external USB drive etc

Edit:

By compressed, I mean NTFS compression (for XP but still applies).

WITH MOVE is part of restore exposed as "Restore the database files as" in SSMS

Edit 2:

SQL Server can not use network drives unless you enable trace flag 1807. Now, use at your own risk to get running again only

To summarize the answers here and to inject my own advice:

1: Blindly shrinking a data file is not the best route. Your data is your data and it is characterized by this size. Unless you are planning on deleting large chunks of data, shrinking is not going to do much of anything. As @billinkc pointed out, simply shrinking the file will not give you any sort of appreciable gain.

2: Running this is going to make your log file grow. Apparently you have your data and log on the same drive. I'd recommend against this for many reasons including space and IO contention.

3: You can certainly create a new data file and put that on a different volume. You could "archive" old data to free space in the current .mdf, or you could leave the current data file as-is and it would become an archive, of sorts.

4: I'm guessing that there are other things on this volume as well. I would move those things as quickly as I could in order to free up space.

If this is enterprise data, I'd push for more disk. This would allow you to separate your data and log files. Additionally, outside of just deleting data, you're going to need more disk to implement Brandon's suggestion anyway.