Can I use .NET Framework 2.0 from VS .NET 2003?

Currently I am working with VS .NET 2003 with .NET framework 1.1. But recently I found out that some features that only available in .NET framework 2.0 is needed in my project.

I had downloaded the .NET framework 2.0 package and think of want to use it within the VS .NET IDE. Problem arose. I do not know how I can achieve to it. And after a few searches on net, I found out that each release of Visual Studio is only tied to a specific version of the .NET framework.

I found the following comment on the VS 2005 Express FAQ:

Can I develop application using the Visual Studio Express Editions to target the .NET Framework 1.1?
No, each release of Visual Studio is tied to a specific version of the .NET Framework. The Express Edition can only be used to create applications that run on the .NET Framework 2.0

VS .NET 2002 => .NET 1.0
VS .NET 2003 => .NET 1.1
VS .NET 2005 => .NET2.0
VS .NET 2007 (codenamed Orcas) => .NET3.0