OK. Here's how you do it. No 3rd party boot managers required.
1. Install W2K first. Leave enough room for Linux. (2 Gb +) This can be on the same disk, or a separate disk.
2. Install Linux, using "expert" mode. This gives you greater control over your installation.
3. When you install your Linux boot loader, choose LILO, not grub. DO NOT select MBR. Choose first sector of your root ( / ) partition. This will be /dev/hda2 if on the same disk, or /dev/hdb1 if on your second disk, etc.
4. Make the boot floppy, during the Linux installation.
5. When the Linux install is complete, reboot using the floppy created during installation.
6. With Linux up, insert a fresh DOS formatted floppy and mount it with "mount -t msdos /dev/fd0 /mnt/floppy".
7. Enter "dd if=/dev/hdb1 of=/mnt/floppy/bootsect.lin bs=512 count=1". This may vary, depending where your / partition is. Unmount the floppy & reboot.
8. W2K will come normally. Copy a:\bootsect.lin to c:\bootsect.lin
9. Edit c:\boot.ini to include: C:\bootsect.lin="Linux"
10. Done ! You should now have the option of booting W2K or Linux, using the W2K bootloader.
I have tested this with W2K Pro and Mandrake 7.2 and it works great.
Good luck.