Launch Visual Studio. File -> Source Control -> Open from source control.
Select your project and enter the path where you would like to extract your
independent project. OK. The project will be placed in the folder you've
specified. In the solution explorer, select the solution. Then File ->
Source Control -> Change Source control and click Unbind.

If you want to remove it from source safe altogether though, you should be
able to do that easily enough from Source Safe itself without having to go
through all this trouble.