Typical project references would require a recompile. In order to remove this dependency you could load the assembly at runtime. This should decouple the reference, but it adds a bit of complication to development. I haven't used this approach myself, so I can't provide much in the way of details or code samples. Try this search result:
http://www.google.com/search?q=load+assembly+runtime
As I mentioned, I haven't used this technique, mainly because rebuild projects is not that complicated. What concerns do you have about rebuilding dependent projects that is leading you to desire this less coupled approach?
-Peter