DISCLAIMER: Please read comments below this answer carefully before attempting it, and be sure to check the accepted answer. As I said nearly 5 years ago:
if anyone has any comments to add for situations when this is NOT anadequate or optimal solution then please comment below
Turns out there were :-)
Original Answer:
Right click on the database name.
Select Tasks → Shrink → Database
Then click OK!
I usually open the Windows Explorer directory containing the database files, so I can immediately see the effect.
I was actually quite surprised this worked! Normally I've used DBCC before, but I just tried that and it didn't shrink anything, so I tried the GUI (2005) and it worked great - freeing up 17 GB in 10 seconds
In Full recovery mode this might not work, so you have to either back up the log first, or change to Simple recovery, then shrink the file. [thanks @onupdatecascade for this]
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PS: I appreciate what some have commented regarding the dangers of this, but in my environment I didn't have any issues doing this myself especially since I always do a full backup first. So please take into consideration what your environment is, and how this affects your backup strategy and job security before continuing. All I was doing was pointing people to a feature provided by Microsoft!