SED/AWK Script to clear log file using timestamp?

I have a log file on our system which fills up with lines that have been timestamped, as follows....

[03/03/2008 10:56:06:815] (ERROR) balance: continuing session to genapp02 : 18500
[03/03/2008 10:56:06:820] (ERROR) balance: continuing session to genapp02 : 18500
[03/03/2008 10:56:07:003] (ERROR) balance: continuing session to genapp02 : 18500
[03/03/2008 10:56:07:032] (ERROR) balance: continuing session to genapp02 : 18500
[03/03/2008 10:56:07:048] (ERROR) balance: continuing session to genapp03 : 18501

Is it possible to delete all lines in this file that are older than 28 days using SED/AWK in a script?:b:

yes, that's possible. but why not rotate the log file on daily/weekly/monthly basis?

Ok, how would i go about that (search isn't helping me much!), and can i use logrotate without installing any extra code?

All i am aiming to do is stop the log file becoming huge and filling the box, but to keep at least 1 months worth of data for any problem solving. So i'm open to suggestions really.

Thanks for the help!

Dave