Hi
All current linux distros should have read/write access to vfat partions and read access to ntfs partitions.
Just create the new partion and format it with the vfat filesystem. You should then be able to access it from both OS.
Then create the appropriate mount points (e.g: /windows/win_vfat) and add a line like below to /etc/fstab (replace /dev/hdxy with the correct device):
/dev/hdxy /windows/win_vfat vfat auto,users,umask=022 0 0
/dev/hdxy /windows/win_xp ntfs ro,noauto,users 0 0
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