Building C++/.NET apps with MSBuild 4.0

In .NET 4.0/VS 2010, Microsoft replaced vcbuild.exe with msbuild.exe.
To build both .NET managed as well as native C++ apps, you only need .NET 4 along with Windows 7 SDK:
http://www.microsoft.com/download/en/details.aspx?displayLang=en&id=8279
There is no need to install VS 2010.
Here is a walkthrough for a simple hello world C++ app:
http://msdn.microsoft.com/en-us/library/dd293607.aspx
With VS 2010, vcbuild.exe is no longer used to build C++ projects.

For VS 2008 solution files, you will need Microsoft Windows 7 SDK and .NET 3.5:
http://www.microsoft.com/download/en/details.aspx?displaylang=en&id=3138
After installation, use the CMD shell (Programs->Windows 7 SDK->Cmd) to invoke msbuild on solution files.
This version of MSBuild (3.xx) uses vcbuild.exe to build C++ projects.

There is no need to install VS 2008.