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If you mean working with IDE, code displayed in one pane and running app in the second pane, the answer is no way.
Since VB code is compiled before execution, running the app would "lock" the exe file which prevents compiling the code. The best you get with VB is Edit & Continue feature i.e. you can stop debugger, edit source code and then continue debugging. And that's a really great feature!
AFAIK VB 2005 does not support dual monitor setups. Maybe VB 2008 does support dual monitor, but still edit & execute might not work in the way I think you mean.
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