xviper

Put a pan under the car to catch that 1/2 qt. You might have to jack it up to get under there to wipe up the oil that drools down the side of the engine anyway but you don't have to jack it up to try and save oil. You won't save any more.
Check that the old filter gasket isn't stuck on the side of the engine or you'll be doing it all over again PLUS, you'll leave a trail of oil down the street.

Bane

If you let it sit overnight most of the oil will return to the pan and you will lose a minimum amount of oil (you'll still lose some).

Just change the filter, and check the level when you are done. You may have to add a little bit to top it off.

RACER

I wouldn't jack up the passenger side and not the driver side. I have never had oil run down the side of my engine block after removing the oil filter.

If you jack up the passenger side and not the driver side, oil is sure to run down the side of the engine block.