Log file shrunking

Hi All,

This is a urgent request. we have sqlserver 2000 its old database. the log and data files filled the drive completely. what is the possible way .Should i shrunk the log file and what are the disadvantages of shrunking the log file.

Temo db log file also more. should i shrunk the file too.

Please help me. am new to admin role.appreciate yoyur help.

Regards,

Venkat.