I'm not sure about the Outlook or IE favourites thing, Kmail is a fantastic mail client. I think it supports Exchange servers too, I know Evolution does.
All you need to do is install Windows first (use NTFS instead of FAT, unless you need to be able to write to the partition inside Linux). Then create some space for Kubuntu. My method is to just create a 10GB partition, format it as FAT or something else (it doesn't matter, as Kubuntu will format it itself anyway), and then create a 500mb partition which will later be formatted as swap. Then create a 20GB(or however much space you have left at this point) partition.
This can be done with disk management in Windows. Reboot to the Kubuntu CD, and go through the easy installer. When it comes to partitioning, use this as a guide:
- Choose the 10GB partition, format as reiserfs.
- Choose 20GB partition, and format as reiserfs.
- choose 500mb space, format as "swap".
In the next step (i have to say, the Kubuntu installer partitioning tool is a piece of crap, totally unintuitive :(), you choose the mount points for your new partitions. Use:
- 10GB partition mount point should be "/"
- 500mb swap mount point should just be "swap"
- 20GB partition mount point should be "/home"
We're using reiserfs here because its a damn fast filesystem when working with lots of small files. the 20GB partition is mounted as the /home directory, so this partition will be used for all your personal files and music etc. The / file system is where all the system files are stored, which is 10GB to be nice and comfortable. the 500mb space space won't be used much, but its nice to have it there just in case.
The (K)ubuntu partitioning/mount point tool is totally crap unfortunately, other distros like Mandriva have a much easier to use partitioner/mount point chooser. If you get stuck, then just ask here. :)
Kubuntu will detect your XP installation, and will put a menu entry in the GRUB boot menu automatically, you don't have to do anything.