I have Windows 7 currently installed, I only have one hard drive on my laptop, but I have kept dynamic drive enabled.
I would like to install Ubuntu within Windows, would that be a problem?
This doesn't actually seem to work. You need to convert the dynamic volumes to basic volumes to do the dual boot.
EASEUS has a free tool to enable this but I've not tried the tool myself
Not a problem at all.
When you start the Ubuntu installation it will detect that you also have windows installed. it will then give you a few options.
I don't know how it looks exactly but you should choose the option that to partition your existing HDD and install Ubuntu on that.
Then the only thing you need to think about is how much space you allow Ubuntu to take.