What you probably want to read is this: http://www.sqlservercentral.com/articles/Administration/64582/

Before you do anything, find out what the recovery requirements are for the databases. If drives fail, is restoring to the previous night's full backup acceptable or do the databases need to be restored to near point of failure (this is called the RPO, recovery point objective, how much data can be lost in a disaster)

If restoring to the previous night's backup is acceptable, then set the DB to simple recovery model (you don't need the NO_WAIT option) and shrink the log to a sensible size (not 1 MB)

If point in time restores are required, then you need to implement log backups. How often depends on the allowable data loss. If 10 minutes of data loss is the maximum acceptable, then your log backups need to be running at least once every 10 minutes. Once you have log backups running, shrink the log to a sensible size.

After the logs are under control, look into moving databases off C drive.