SQL Server 2005 No Space for Transaction Log Backup

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SQL Server 2005 Transaction Log too big

I am running SQL Server 2005.

My db backup scheme is: Recovery model: FULL Backup Type: Full Backup component: Database Backup set will expire: after 0 days Overwrite media: Back up to the existing media set, Append to the existing backup set

The db is writing to 250GB drive (232GB actual).

My _Data.mdf file is over 55GB and my _Log.ldf is over 156GB.

We ran into a situation where our drive was filled today. I moved our ab_Full.bak and ab_Log.bak files to another drive to make space - about 45GB. Now, free space is at 31GB.

I don't think there is any way that I can make another backup of the db and transaction log.

How can I get the size of the transaction log down? Can I shrink it without performing a backup?

Can I create a new full backup of the db that allows me do delete the existing transaction log; thus, freeing alot of space and creating a new transaction log?

I'm running out of space quickly and, I fear, options too.

Thanks, Joel