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Normally, when I have more than 1 distro installed, I share the /boot, /home and swap between them. But I don't let the new distro kill off anything in the two mounted ones.
Swap space is just like a raw partition, and is reset every time the system starts, so there is no problem sharing it. /boot is where your kernels and gruib config files go, so that's fine, so long as you make sure it won't kill your existing setup. /home will share your desktop settings between the two and also all your documents, you may need to watch out on that one as depending on how you have things set up, they may not work right on both distros.
Don't use the windows fdisk to delete the linux partition, it doesn't always work right, PM will be fine, as will the mandrake/redhat installer.
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