Low diskspace is realy bad for exchange.
If you get some load on the server, it may couse that exchange can not write all transaction logs to the database and you will end up with a inconcistent database.
Only solution then is to repare the database and that is allmost simular to dataloss.
brontosaurus has the correct solution. Add a disk and move the database.
There is possible a budget solution as well.
If you delete large amount of mail from the store and make a offline defrag the database will free diskspace.
You can check event id 2112 (or is it 1221) to see how mutch free space you have.
Stop Information Store Service.
Then run eseutil to deftag the database.
Note: You need 110% of database file, free diskspace on other partision or server for temporary files while defragging.
This is very time consuming, but might be a good solution if the low diskspace is caused by a virus-attack or a other temporary load.
// Wibbe