This article is just for knowledge sake and to know about managing on machine where sharepoint 2010 is not installed.
If you have installed VS2010(visual studio ultimate) ,& Navigated as Start ->VS2010 ->Run as administrator->New Project->Sharepoint 2010. You will get the popup that you can not create the sharepoint projects as MOSS 2010 is not installed.
But dont fear,If there is Will , there is Way :-)
Follow me as follows
1)Start -->Run-->RegEdit-->Select HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Shared Tools\Web Server Extensions\14.0