HELP - Redirect output of already running process?

[robertlaferla at attbi.com (Robert La Ferla)]

Bash Gurus,

Two questions:

I have an important process that is generating a lot of output that I 
need to keep running until it finishes.  I need to redirect the output 
to /dev/null or to a file BUT I can't restart the process.  I need to do 
this while it is running.  I tried a few things with "bg" but it didn't 
quite work.

Secondly, I need to logout yet keep the process running.  The process is 
multi-threaded if that matters...

Thanks,
Robert