Moving event log files

To move Event Viewer log files to another location on the hard disk, follow these steps:

1. Click Start, and then click Run.
   
2. In the Open box, type regedit, and then click OK.
   
3. Locate and click the following registry key:
   HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Services\Eventlog
   
4. Click the subkey that represents the event log that you want to move, for example, click Application.
   
5. In the right pane, double-click File.
   
6. Type the complete path to the new location (including the log file name) in the Value data box, and then click OK. For example, if you want to move the application log (Appevent.evt) to the Eventlogs folder on the E drive, type e:\eventlogs\appevent.evt.
   
7. Repeat steps 4 through 6 for each log file that you want to move.
   
8. Click Exit on the Registry menu.
   
9. Restart the computer.

Reference: http://support.microsoft.com/kb/315417