Yes, and that's the best option you have when using ntfs
. Use a program like PQ Magic (Windows) to create the FAT32 partition. I'm not sure if parted (Linux) supports it too, but I've heard that Mandrake installer can resize NTFS partitions.
When your FAT32 partition is created, add the following line you your "/etc/fstab
/dev/hda1 /mnt/shared vfat uid=500,gid=500,umask=000,exec,dev,suid,rw 1 0
That will mount the first slice of your first hd to /mnt/shared. Change the number above to your needs. That's all