This blog has been successfully deployed to a shared hosting environment at www.re-invent.com.
Moreover, I have setup dotnetnuke on the same site.
In order to acheive this, you need to place each application in its own subdirectory below the webroot, since each has its own httphandlers which would fight against each other if you nested the apps.
This is a remarkably cheap solution for anyone wanting to have a blog and portal for less than $100US