It depends, Bob. If it's over good carpet, then I'd suggest finding the drain off point for the system and letting some drain. The trouble is, if it's a downstairs rad, then you'd have to drain upstairs completely.
To avoid this, you could simply crack open one end of the rad and collect a little water, but it could be messy. (Remember to turn off the rad valves first.)
If it's over vinyl or something moppable, then most plumbers would do it "live". They would remove the old and bung in the new valve sharpish......... before too much came out.