Resizing partitions doesn't always work properly, so you're best off doing a clean installation of both. This is actually a lot easier then you'd expect. When you set up windows (do Windows first), create a partition how large you want it to be.
You want to set Windows up first, because you'll be able to set up a boot loader when you install linux that will let you select the OS you boot to. So, if you have an 80GB hard disk, and want 15GB for Linux, just make a 65GB NTFS partition for Windows. If you're installing one of the friendlier Linux variants, like Mandriva or Ubuntu, they will do all of the heavy lifting for you.
When you set them up, you'll be able to set the remaining unpartitioned space up automatically. If the version of Linux you're installing is something that doesn't do as much stuff automatically, like slackware, then I can't really help you, but I can say I've put Linux on secondary partitions a couple dozen times to play around with it, and in the last 5-6 years or so, it has never required any special knowledge to do, and have never had any issues with LILO or GRUB (two common boot loaders) Just be aware that if you reinstall Windows for some reason, it'll mess stuff up (probably fixable, though! ).
Take a look at VirtualBox - virtualbox.org. It's similar to VMWare, in that it creates a virtual computer, and you can install Linux into that virtual computer. You would be able to run both Windows and Linux at the same time.It's free.
If that doesn't work, take a look at VMWare workstation, which costs a nominal amount.
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