I assume you are just replicating one table. There are other files created with the snapshot, but they would take up very little space. One option would...

How many subscribers do you have using that log reader?

Take a look at the log reader job under SQL Server Agent, what's its status? I've seen this before, were...

Brian,

It's possible to initiate replication without doing the initial snapshot. This is much easier to do in 2005, but is possible in 2000 by restoring the the subscriber...

In the publication properties, on the subscription tab, what subscriptions are there? Is it what you expected?