That should be good. All you need to do is partition the drive. And run the installer to install on that drive. But with Ubuntu, i'm pretty sure you don't need to partition the drive. The latest version will give you an option to install next to existing operating systems. Choose that and then choose the amount of space for each. Then after that, Ubuntu will partition and format the drive, and install it. Simple as that.
For those about to hack, I salute you.