Do you /only/ have vbc, or do you have a full version of Studio?
I ask because it's a /lot/ easier to build stuff with the latter.
(a) you're stuck with using vbc on its own, and
(b) I know [next to] nothing about nant,
How do you tell nant about /any/ compiler?
vbc.exe sits somewhere under the .Net Framework directory but, IIRC,
you'll have to feed it loads and loads of arguments about referenced
assemblies, which is a pain.
That's why using Visual Studio is /so/ much easier ...
devenv.com (Solution) /build (Configuration)
... and you're done.
.Net 3.0 is just .Net 2.0 plus some Vista-specific stuff and other
goodies. IMHO, it should have been called Fx2.1. Blame the Marketing
.Net 3.5 is the next "real" Framework release and has a whole new set of
tools and utilities, including a new compiler.
If you mean targeting a particular Framework, then you'll have to wait
for Fx3.5 and you'll /only/ be able to target Fx2.0, 3.0 and 3.5 with it
so any Fx1.0 or 1.1 [legacy??] applications will have to stay with their
respective version of VB (or VS).