To create a cluster you have to have a storage sollution which supports clustering, so the same disks are available to both servers. Not all storage sollutions are certified by microsoft for use in clustering. So if you have a share storagesollution this option is open.
Secondly, to support clustering, you have to have the Enterprise edition of SQL server 2005.
It seems this is not an option, unless you want to invest some money.
The second sollution, you can distribute different db's to each server. Database partitioning is also not an option (splitting one large db accross servers) because again this is a sql server enterprise edition feature.
So if you put different databases on different servers you could do log-shipping and keep the databases quasi in sync. But you will loose much of the performance gain, because both servers will have to do the same tasks. Maybe you could run different databases on each server and keep them in sync once a day. You could then go forth from there or take the appropriate actions of transfering the log upon failure of one server, and updating the second and this only when needed.