dual boot system sharing data - suggestions please

[developer@wexwarez.com]

I just got me a new laptop the dell inspiron 8600 with a 60gig harddrive. 
I would like to set up a dual boot system on the one harddrive.  The catch
is I was thinking it would be nice if my linux system could see my windows
documents and likewise.  So to start with if I was going with a regular
dual boot I would want lilo on a mbr and a ext3 partition and a ntfs
partition.  Right?

Now what is the best way to share data my guess is I would need a fat32
partition both can read that right?  WOuld the best way to go be to add
that in addition to the two other partitions and put shared data on this
partition or would it make sense to just put my windows system on fat32?

Or is there another option?

-thanks ryan