I know this issue is going to come up soon for me so I've been researching possible solutions and came across this one.
http://wss.asaris.de/sites/walsh/Lists/WSSv3%20FAQ/DispForm.aspx?ID=1034
How do you move a WSS 3.0 database to a different SQL Server?
You cannot move the configuration database.
1. Detached the content database using SQL Manager
2. Copied the database and log files to the new server
3. Attached the content database to the new server
4. Run the SharePoint Products and Technologies Configuration Wizard to remove it from the farm
5. Run SharePoint Products and Technologies Configuration Wizard to recreate the farm and add the new database server. This will also create a
new configuration database.
6. Once that is done, go to SharePoint Central Administration website and click on Application Management
7. Select Create or extend web application to setup your new web application
8. Select Content Database and add the new content database
9. Restart IIS