One of the design goals of the .NET Framework (including the
languages: C#, VB.NET, J#, etc...) was to create a Framework that
would create a better foundation for the Visual Studio.NET product.

Trying to build a project using a .NET language without Visual
Studio.NET is like trying to build a house without any power tools,
the VS.NET IDE will save you so much time that it's counterproductive
to even conduct an academic study of the Framework languages without
it.

If you can only afford the standard the edition (will set you back
about $100) you may want to consider this bundle:
Microsoft Visual Basic .Net Deluxe Learning Edition--Version 2003
http://www.amazon.com/exec/obidos/tg/detail/-/0735619069/qid=1067872038/sr=1-14/
ref=sr_1_14/002-6991610-3904007?v=glance&s=books

It includes a good book and the software, minus the help files,
supposedly you can even contact Microsoft and they will provide the
help files on CD-ROM to you for a nominal fee (shipping) as their
exclusion was on unintended error.

There are also student discounted versions (if you have the option to
buy the Professional VS.NET for a couple hundred bucks, take advantage
of it!) the Professional version is well worth the cost and includes
quite a few features I would hate to give up that aren't available in
standard, not to mention you get multiple languages (C#, VB.NET, J#)
and Crystal Reports Lite.