Ok with all the insanity

D) in this thread and all the directly conflicting opinions I have read in it, I began wondering if anyone had actually every
tried the procedures they were recommending.
So to answer that for myself, I took some time today & put on my best MythBusters impression to try to simulate the OP's request and test its success or failure.
The "executive summary" version is:
The procedure of adding a third partition formatted as FAT 32 can be easily done totally inside Disk Utility- with one thing that would seem to be a deal-killer. Personally after doing this if I were just wanting more space to save "private" files, I would just increase the size of my BootCamp partition instead of the whole "adding another partition" routine!
While adding a third partition formatted as FAT32 is no problem at all as I suspected, the problem came down to the fact that after adding it successfully,
Windows would not boot completely in spite of completing part of the boot procedure! Keep in mind that this is in spite of the fact (as you can see in the procedure listing below) that NO changes or movement of the BootCamp partition were done at all. Even more interesting is that when I went back into Disk Utility and removed the new third partion and resized the OSX partition back to its original size, Windows then booted successfully immediately- demonstrating that nothing on the BootCamp partition was damaged or changed in the least. Windows booting was not affected by trying to boot into safe mode or the "last known good configuration" mode and the boots failed at the same point after that screen.
To eliminate the chance of it being random, I repeated the entire procedure below a second time on another Mac with
identical bad results. The limiting factor here is the fact that my Windows installations are XP on a NTFS partition, so I cannot determine if a Vista installation would act differently.
So there is more testing that could be done (different with Vista? installing Windows after the three partitions are created rather than as a BootCamp installation?), but I think I am done with it at this point and just wanted to share the results anyway.
The Procedure Used:
Anyway, here is how it went down.
1. I updated my backups of the OSX and BootCamp partitions on a 1Tb hard drive.
2. I opened Disk Utility and selected the drive in Disk Utility and clicked the Partition tab, revealing the two existing partitions.
3. I clicked on the OSX partition and drug the lower right corner upwards to shrink it, revealing gray space that is now free for another partition.
4. I clicked on the "+" button at the bottom. That created a third partition using all the free space created in 3.
5. Clicked on the new partition to select it, then entered a name for it and selected MS-DOS (FAT) in the "Format:" pull down list.
6. I clicked "Apply". A summary of what was about to happen came up which said that my original OSX partition would be resized and another partition would be added. No changes would apply to the existing Boot Camp partition. In that window, click "Partition" and it will go off instituting the changes.
7. All done. Quit Disk Utility.