I am running Ubuntu 11.04. I have about 100 gigs left on my hard drive. Can i simply shrink my existing partition and use that as a blank space to create a new partition in? Also, once i have the new partition created and the data copied, can i then have ubuntu look for and save personal data in the new partition? Essentially i want the location of /home to be on the new partition. Thanks for the advice.
The best way to change the partitions is to use an Ubuntu install disk. Boot up into the Live environment and run 'GParted'. You'll want to shrink your current partition, but I wouldn't shrink it all the way to the current used size. If you have 100GB over, your best bet is to make the new one about 60-70GB. Then you can just transfer your data over to that. Basically, yes it's easy to do and won't take long.
Here are instructions to move your /home partition over to the new partition: http://embraceubuntu.com/2006/01/29/move-home-to-its-own-partition/