Yaar gambit,
You have not posted the capacities of your drives clearly, however you can split your drives using the resize option in Partition Magic without erasing your data. I dont feel that 1 GB will be sufficient for Ubuntu, I installed Ubuntu today & the installation is well over 1GB. The partitions for Linux have to be in ext3 file system which you can either create from partition magic or while installing Ubuntu itself.
Boot from the Ubuntu install CD & start the installation but be carefull, if you use the default options then you will end up losing all your data, choose the expert installation mode & then proceed.
If you face any further problems post here.
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