Dual boot Ubuntu and Vista on system with three hard drives

I have three hard drives in my system. The best is also the smallest, designed to just run the OS (Vista). It's 36GB. I have two other drives in there, 300GB and 150GB. Since I reinstall windows a lot, I have been installing programs to the 150 so as to not lose them when I reformat the OS drive, but saving media (movies, songs, etc.) to the 300.

Now I want to add a dual-boot option with Ubuntu 7.10. I first tried to shrink the partition on the vista drive because 36GB should be enough. But after trying everything short of buying a 3rd party partition manager which may or may not help, I decided on a different course of action.

Could I shrink the partition on my 150GB and install Ubuntu there? What would that do for my ability to boot into my current Vista install?

I think the theory is that I would need to set the order of my HDD in my bios to boot to the 150GB first? That would allow the ubuntu boot manager to find both Vista and Ubuntu and I could pick the OS and set a default from there. Sound right or am I way off base?