I'd like to resize an existing partition of my laptop currently running windows xp home so I can install linux on it as well.

Is there a good live CD that will allow me to "shrink" the windows partition? I figured I can use the distro of my choice's fdisk to create the other partitions needed, I just want to resize the existing one so I can install something else later. Plus it would be a cool tool to have anyway, basically an open source replacement for partition magic...

any suggestions?

EDIT: I looked around at partition resizer, and a few others, but all that I've found need a floppy disk to store information during the process. Since this is on a newer laptop, I don't have a floppy disk. I'm still looking for a live CD of some sort.

Try SystemRescueCD (http://www.sysresccd.org/index.en.php)

There is included QTParted, which is free clone of PartitionMagic.

If you prefer a friendly Live Linux CD that also includes QTparted. Download Knoppix. Version 3.7 is the most stable version of Knoppix.

I suggest backing up the data when using any disk utilities just in case something bad happens during the resizing process.