If you want to repartition your internal drive, whilst retaining the MACOS you have the following options (and possibly others)
1. Reformat the USB drive to GUID. Clone your internal drive to it (as a backup and something to boot from) and then boot from the USB drive. If you use the diskutil application you can only reformat the whole internal disk (loosing eveything on the internal disk), so you would have to clone the USB back to the internal drive after reformatting. It does not let you delete partitions and resize others. If use use DISKUTIL in command mode (via the TERMINAL.app) you can delete partitions and resize them. You really have to know what you are doing. See this
http://www.macgeekery.com/tips/cli/nondestructively_resizing_volumes
or
2. Reformat the USB drive to GUID. Clone your internal drive to it (as a backup and something to boot from) and then boot from the USB drive. Download
iPartition and use it to delete the partitions you dont want on the internal disk and to resize the main partition. I use this application a lot (I have many disks) and have never had a problem with it. Unfortunately it is not FREE.
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I know its a lot of peeing about but I would always recommend having a full backup of the system somewhere just in case something goes wrong. This stems from being a Windows user in the past.
Good Luck.