Hi Jalan,
Fortunately or Unfortunately, it wont work that way. Whenever someone is editing a project, they must ensure that they dont check in until it builds fine completely at their end.
The corollary is, the source safe data must always contain a working (building) project DLL which when referenced doesnt produce errors. The fortunate part I mentioned is that, people take care before checking-in their code and minimize erraneous check-ins.
The unfortunate part is, people always need to take latest version before building it themselves so that, they always have a working referenced DLL in their local machine.
So the summary is, have a working DLL version checked in to source safe and ensure everybody take latests version of all projects (layers?) before trying to build.
Hope this helps.
regards,
Harish
http://geekswithblogs.net/ranganh