(If I had the privilages, I would make this a comment and not an answer. But I don't, so here goes.)
Mark, why are you asking? What Marc says is correct. You can't restore the database without the LDF file. However, depending on your future rollback needs for the database and your current objective (save disk space?), the LDF file is not required to read the data.
You can detach the database and physically delete the LDF file and then reattach the database. On SS 2008, a 500k LDF file will be automatically recreated.
I've done this to have much smaller ZIPs to send databases to offshore development teams.
You can also execute SQL command DBCC SHRINKFILE. But, this does not alway minimize log file and there are different methods for different versions of SS. You may want to check this.