The other option would be to move the whole blog out of the folder it is in and move to the main page. This would break the one click install if you used it though preventing upgrades using one-click.
the other option may be to change the folder the domain points to to be the one containing the blog
Both these would require a few changes to the wordpress install because of the change to the url it will be using.
take a look at http://codex.wordpress.org/Moving_WordPress. The instructions are for various ways to move wordpress.
$97 DISCOUNT with [color=#CC0000]DISCOM97[/color]