Thanks guys for the replies.
Essentially, what Petr described accomplishes the same greater goal - the creation of multiple blogs under one domain using sub directories. But the process Petr describes uses multiple instances of wordpress instead of a single install utilizing a multisite network.
It seems to me that the only way to do this would be to install wordpress off the root directory, and subsequent blogs on the network could expand to sub directories off my main domain.
If this is true, it proves a bit problematic, as the current static site is huge, and a dynamic redevelopment is tabled for the time being.
I guess then, the question becomes: how can i create a wordpress install to run the multisite feature, but still use only my static site on the root. I think this is the best option, especially considering that a redesign of the main site utilizing WordPress as a CMS is forthcoming.