Now, after I say this, some propeller-head is going to come along and contradict me, but there is no way to do what you want to do from Visual Studio. There is a way of doing it outside of VS, but first, I have a question:
Why on earth would you want to do this? Maybe you're trying to save CPU cycles, or save compile time, but if you do what you're suggesting you will suddenly find yourself in a marvelous position to shoot yourself in the foot. If you have a library 1 that depends upon library 2, and only library 2 changes, you may think you're OK to only build the changed library, but one of these days you are going to make a change to library 2 that will break library 1, and without a build of library 2 you will not catch it in the compilation. So in my humble opinion, DON'T DO IT.
The reason this won't work in VS2005 and 2008 is because VS uses MSBuild. MSBuild runs against project files, and it will examine the project's references and build all referenced projects first, if their source has changed, before building the target project. You can test this yourself by running MSBuild from the command line against one project that has not changed but with a referenced project that has changed. Example:
msbuild ClassLibrary4.csproj
where ClassLibrary4 has not changed, but it references ClassLibrary5, which has changed. MSBuild will build lib 5 first, before it builds 4, even though you didn't mention 5.
The only way to get around all these failsafes is to use the compiler directly instead of going through MSBuild. Ugly, ugly, but that's it. You will basically be reduced to re-implementing MSBuild in some form in order to do what you want to do.
It isn't worth it.