Shrink transaction log while transaction in progress

Question

I have a several-GB import into my SQL Server 2005 (Standard Edition) database.

The import is separated into 4 parts, each part in its own transaction.

As you can guess, the transaction log files are quite big. The space on my disk is also limited, but should fit the data. While doing my import the free space on my disk is about 2 gb.

Does it work to shrink the files, while my transactions are in progress? Would it also have an effect?