From the docs it should be possible. I built it on VS 2008 myself - so the source (Sep 8 Master) is okay.
I'm trying to build it now with VS Express Edition on this machine. Installed 4.0 Framework Beta 1. Open the Ruby.sln file ; the IDE won't open any of the .csproj files in the solution
Unable to read project file '<something>.csproj
Path to Framework\v4.0..\Microsoft.Common.Targets(2893,9): The attribute "Keep Duplicate Outputs" in element <Target> is unrecognized.
I tried to remove the offending attribute from the above file. The csproj files then load but result in build errors of the form
Error 54 The "Microsoft.Build.Tasks.Message" task could not be loaded from the assembly Microsoft.Build.Tasks.v4.0, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a. Could not load file or assembly 'Microsoft.Build.Tasks.v4.0, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a' or one of its dependencies. The system cannot find the file specified. Confirm that the <UsingTask> declaration is correct, and that the assembly and all its dependencies are available. IronRuby.Tests