I've just finished my setup of dual booting with Ubuntu 10.04 and Windows 7. It was very fast and it works great. As said before, back up your stuff. I would just recommend using the Disk Management tool from Windows 7 and shrinking the partition. After all is done restart computer with the CD which has Ubuntu. Go through the setup and at one point it will talk about installing on unallocated space which is where you will be installing. Easy as that :P Hope I could help.
Edit: Noticed he is banned. I'll try to find his topic on Ubuntu.
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