Resizing Partions with GParted

Resizing Partions with GParted

So here's the situation:
After installing Ubuntu 12.04 LTS, Running df -h gives me the following
partitions:
/dev/loop0 , 29G, 9.3G, 19G, 33%, /
udev, 1.9G, 4.0K, 1.9G, 1%, /dev
tmpfs, 771M, 892K, 770M, 1%, /run
none, 5.0M, 0, 5.0M, 0%, /run/lock
none, 1.9G, 15M, 1.9G, 1%, /run/shm
/dev/sda2, 466G, 54G, 412G, 12%, /host
Would it be possible to use GParted to resize my 466GB Windows 7 partition
into a 300GB Windows 7 partition and a 166GB partition for media that
Ubuntu can graft on as a sub-tree, leaving my Ubuntu system partition the
same size and without having to reinstall Windows, i.e. grab 166GB worth
of free space from the windows partition and add it to Ubuntu? (The issue
is that I bought my laptop used, so I don't have the install CD.)
If so, does GParted automatically graft the partition on, or will I have
to mount it? And what of the file system journalling? Will I have to
manually configure that?
Any advice would be greatly appreciated! Of course, I'll back everything
up beforehand just in case. Thanks. Apologies in advance if this question
has been answered or is a duplicate; my knowledge of *NIX file systems is
at an all time low...