I know there is some trickery with boot partitions for win 7/8 and I'm not sure which one to install first so it doesnt "overwrite" the other so to speak. Is it as simple as partitioning the disk and then installing one after the other?
Ubuntu has their own step-by-step guide how to do it: WindowsDualBoot
To quickly answer your questions:
From the guide:
A Windows OS should be installed first, because its bootloader is very particular and the installer tends to overwrite the entire hard drive, wiping out any data stored on it. If Windows isn't already installed, install it first. If you are able to partition the drive prior to installing Windows, leave space for Ubuntu during the initial partitioning process. Then you won't have to resize your NTFS partition to make room for Ubuntu later, saving a bit of time.
Pretty much, yes.