Yep, its possible alright. First if your buying a new harddrive what you need to do is partition it. Then if your new to linux distros, Ubuntu is an easy starter with some basic drivers and an easy GUI.
And Ubuntu also has a feature to be installed IN windows on a seperate drive.. I know really simple.
Heres a link you can check out for Wubi, the windows ubuntu installer, ive used it a couple and like it a lot. http://www.ubuntu.com/desktop/get-ub...dows-installer