I did exactly this with my CS2 on my iMac. I only kept the applications that I used on a daily basis i.e. Photoshop, Illustrator, InDesign and Acrobat Pro.
I just dragged the application folders containing GoLive & Version Cue in to the Trash and emptied it. I kept Bridge just in case I had loads of images to browse through and rename.
It still worked fine after that. Having said that, if it didn't; I could just reinstall the apps again so I wasn't caring if it went belly up.
Also, if you are running out of hard drive space, I would recommend buying an External Hard Drive.
They are getting cheap as chips these days.
I've since upgraded to CS3 Design Premium.
I did a custom install this time round which allows you to only install the applications you require.
To sum up for you. If you can reinstall the applications if it all goes wrong after deleting your apps, then go for it.
If not, leave well alone and buy and External Hard Drive.