You can
edit the game's install script to prevent it installing the dependencies (you can still run them manually if needed, of course). I think deleting the install script also works but I haven't tried either method myself.
Note that tasks like verifying the integrity of the game cache or exporting/importing the game files will probably replace the modified/deleted file with the original version.
Heretic777: They really need to come up with a better way for initial launch. Should not be too hard to write a program to check what u already have on your computer.
The installers for .NET and the like normally handle this themselves, but Steam apparently uses switches that force the installer to replace the existing version. Interacting with the installers correctly would mean more work on Valve's part and they are notoriously lazy in regards to standards compliance.