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When you use vista's disk management utility to shrink vista and create a windows 7 partition, vista will automatically calculate the space that is NOT being used so that the partition can be drawn.
You can significantly shrink the size of vista so that the hard disk is shrinkable to create a new volume for windows 7. To do so:
1-Defragment your hard drive-significantly reform position of the data on the hdd
2-Go to cmd, right click run as admin, type in : powercfg -h off (turns off hibernation feature)
3-Delete restore points. Go to Computer, click on system properties, click on system protection, click on configure, click on delete all restore points.
4-Install vista service pack 2: it has a cleanup utility to delete service pack backups and to reduce size of winsxs folder.
You should have enough room to install windows 7 after this.
good luck!