I actually use a makefile to build any dependencies needed before invoking devenv to build a particular project as in the following:
debug: coratools_debug
devenv coralib.vcproj /build debug
coratools_debug: nothing
cd ../coratools
nmake debug
cd $(MAKEDIR)
You can also use the msbuild tool to do the same thing:
debug: coratools_debug
msbuild coralib.vcxproj /p:Configuration=debug
coratools_debug: nothing
cd ../coratools
nmake debug
cd $(MAKEDIR)
In my opinion, this is much easier than trying to figure out the overly complicated visual studio project management scheme.