I've had a log shipping / warm standby setup operating successfully for a couple of years (apart from some minor network hiccups and a recent cranial vapour lock on my part) and it works great. You can use the integrated log shipping if you have Enterprise Edition or roll your own set of scripts. I did the latter, since I have Standard Edition. I hear that scripting your own gives you more control, anyhow.
Here's my setup:
The production server does a full db backup every Sunday night (which is downtime) and restores to my standby. The standby server is accessible on my production box as a linked server. Then every 15 or 20 minutes I truncate the log, back it up, copy it to a share on my warm standby, and run a sproc on my standby box to restore it.
Notice that this setup only works with the current log file, if you want to get more complicated you can name each shipped log file differently with some kind of naming convention and keep them around, in case your standby gets corrupted or some such. You can also do differential backups, say, hourly, then log backups at a smaller time increment. Check out BOL for some info on log shipping.
Let me know if you want more details...