How to install two OS on one HD?

I want to install Window's 7 on my computer on the same hardrive my xp is on. I do not want to lose any of my files or xp itself. I also don't want to reinstall xp. I have 240 gigs free. I want to have windows 7 have 150 gigs. How would I do this so I can install windows 7 on the same drive?
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