Steam must all be kept together, you won't be able to move only part of it.
Let's say you ran out of space on your C: disk and want to move Steam to your larger E: disk.
To successfully move Steam over to the E: drive you have to move:
C:\Program Files\Valve\Steam\ <everything>
to
E:\Program Files\Valve\Steam\ <everything>
Then you need to delete this file:
E:\Program Files\Valve\Steam\ClientRegistry.blob
Any shortcuts to Steam on your desktop will need to be updated as well - you can just delete the old shortcut and drag and drop a shortcut (right-mouse button) for the moved Steam.exe on your desktop.
When you start Steam up it will do a short update, check the installation and re-create the blob file for the new location and you should be ready to play.
Same rules apply if you want to move your Steam install to a different computer, you'll have to use file sharing or burn CDs or DVDs with the content to accomplish the move.
If you use CDs or DVDs, be sure to make sure none of the Steam files become marked "Read Only" when you copy them off the CDs - all the Steam file need to be writeable.
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