1. Open Disk Management:
Go to Start and select Control Panel, chose Administrative Tools, under Computer Management you should see Disk Management. Select it, or open it from Administrative Tools from the Start Menu or even type in "diskmgmt.msc" in the Run Box ("Windows Key" + "R")
2. Shrink your Hard Drive Space.
Right click on your Hard Drive and select "Shrink"
Now depending on how much space you want to give Windows 8, you will need to shrink this to whatever as long as you still have enough space for Windows 7, for example I have a 150GB Hard Drive
Windows 8 DP = 35GB
Windows 7 = 115GB
1GB contains 1024 Megabytes, so 35GB x 1024MB = 35,840MB.
Now work out 150GB x 1024MB to find out how much Megabytes are in 150GB = 153,600MB
153,600MB - 35,840MB = 117,760 MB to find 115GB, in the Shrink Window change it to that.
3. Make a new Partition.
This should explain everything below and will be easier to understand;
Partition or Volume - Create New
After shrinking there should be a new grey box saying Unallocated Space, Right Click that and Select "New Partition". Give it all 35GB/35,840MB.
Install Windows 8 and select the 35 GB Partition to install it to.
Your done
Hope this helps,
Cheers, Joe