.NET 2.0 and .NET 3.0/3.5 all use the same 2.0 .NET runtime. 3.0 added WCF WPF WF and Cardspace, 3.5 Added Linq et al. via libraries only.
If you are using VS2008 you can compile applications using csharp 3.0 features (lambdas, anonymous types, anonymous methods, etc) and still run them on the 2.0 runtime as long as you set your project to target the 2.0 framework.
In order to use functionality from one of the libraries in 3.0 the user would need to have the 3.0 framework installed.
I guess if you are able to be more specific on what you mean by a 2.0 application it would be helpful. Do you mean your application needs to be able to run without 3.0 and 3.5 installed? Do you mean that your boss won't let you change the rolldown in the project settings to 3.0?