What you want to do is dual boot Windows 7 and Ubuntu.
When you install Ubuntu, the grub boot loader is automatically installed. This allows you to choose whether you want to boot between Windows or Ubuntu/Linux.
What to do:
Run the Ubuntu installer as usual and when it comes to the part when you choose Installation type, select Something else:
Note: Screenshot taken from Ubuntu 12.04
You should then see list of partitions in window like this:
Note: Screenshot taken from Ubuntu 12.04
Select which disk you want to install it on, select the free space
which you cleared/created. Then create a partition using Add... button, format it as a ext3 or ext4 and mount it as /
. Click install and it will do its job and install on that partition not touching the windows partition.
When you boot your PC next time you should see something like this:
This is the grub boot loader
You can use arrow keys to choose and Enter to confirm, or wait a few seconds to load default OS.
Note: It is always handy to have windows installer ready in case something goes wrong. You can restore the normal boot loader this way (without loosing any files).