Sure, no problem. And your choice of partitions should work without a hitch, since your first partition will house Windows. As for your 3rd (Linux) partition, 'nux usually needs at least 2 partitions. Your '/' (root) and 'swap' should be mounted on seperate partitions. I actually prefer three: '/', '/home', and 'swap', but that's up to you. In any case, I'd leave that third partition empty and let Linux slice it up for you upon installation.
Ok great. first partition: = NTFS Second : = FAT32 are those partition types ok? Im pretty new to Linux so i dont know much about the /root, /home, swap etc. Will it let me set up new partitions for /root and /home in the linux installation?
Yeah, those partitions are fine. With a setup like that, you'll be able to write to the FAT32 partition from both Win and Lin without any configuration. As far as the partitions go, SUSE, Red Hat (Fedora), Mandrake, and most other distros will offer an automatic partition option. Just inform it that you will be using your HDD's unpartitioned space, and it should do the rest. Feel free to start a thread in the Linux forums here if you need any help with that process.