You can't change framework version for Visual Studio.NET 2002, Visual Studio.NET 2003 or Visual Studio.NET 2005, they use the version IDE was designed for, .Net 1.0, 1.1 and 2.0 respectively.
All framework versions and Visual Studio versions can be installed on same machine and used independently. Here's the easiest path to go 2.0: http://msdn.microsoft.com/vstudio/express/
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