SoccerPenguin15, if you don't get a quick reply it is probably because you are not the first person to ask this question.
I think what you want is to resize an existing partition, then create a new partition. Then when installing the new OS you select the new partition and the installer will most likely format the new partition for you, like mickaelk said.
A program you can use is
qtparted
I think booting from a live cd like
knoppix would be easiest to accomplish the resize.
Read the manual first and make sure that the disk you are resizing is not in use (i.e. no swap on the device is active and no partition on the device is mounted). Allthough resizing is probably safe, I would recommend backing up any important data before resizing.
Hope that helps.