I have used Partition Magic 8.0 many times to resize or use free space to create a new partition without loosing anything and never had a single problem, I have heard good things about Paragon Partition Manager which is free, I have never used this program but it should work just fine, I would still back up everything you absolutely need on a cd or dvd just in case.
http://www.download.com/Paragon-Part...ml?tag=lst-0-4
I have an 80gb drive with Windows and FC5 on it, for backup reasons I created a 20gb partition for Windows, a 45gb storage partition, and 15gb for FC5. This way if for whatever reason I have a problem with Windows that I cannot figure out I can format my c: and not lose anything important, I have My Documents linked to my d: and I store everything important on that drive, I have found this is a very good thing to do and has saved me more than a few times, this is the reason I haven't lost a single mp3 in over 7 years even though I've formatted many times in that time span, just something to think about if you do have to format.