Welcome to LQ!
Your rig looks fine to me and it will definitly run Linux without any trouble. In order to set up a Windows/Linux dual boot, you will need to resize your existing Windows partition. When Windows is installed, it typically occupries the entire hard drive(s). If you have a utility such as Partition Magic you can use that, or similarly you can use something like
BootIT NG
Be sure to read up on a few Linux installation tutorials, just so you'll have a feel for what the process will be like. It's not hard, but if you haven't done it before, it might seem a little intimidating.
Alternatively, if you wanted to test the waters with Linux without installing anything to your hard drive, you can use a "Live CD" such as
Knoppix Live CD's are basically self contained Linux distros that are on a CD. To use it, you just put it into your CD drive and reboot (you will need to confirm in BIOS that the CD drive is at the top of the boot sequence). You'll then be running Linux entirely off the CD, without writing anything to your hard drive. When you want to go back to Windows, just exit Knoppix, remove the CD, and reboot.
Good luck with it and have fun!