7boys, welcome to the forum! Having Ubuntu Linux and Windows 7 on the same disc is fine. But Windows 7 has to be installed first. As to the 32 or 64 bit question, if your computer will run 64 bit, then install 64 bit Windows 7. When installing Windows 7, you should partition the drive, it will allow you to select how much of the drive you want for Windows. Be sure to format it after you choose how much space to use. Update it fully, install your programs, you're ready to go.
Then to install Ubuntu, boot from your disc as normal, then select how much of the remaining space you want to use. Be sure to leave enough to create your "swap" partition (an amount equal to your RAM). I'm assuming here that you know about Ubuntu, so I'll leave it at that.
When everything is installed, your Ubuntu boot screen will appear at startup. From there, you can choose Windows 7 "loader", as it's called, to boot into 7.
Hopefully, this is of some help to you, 7boys. I run Ubuntu on my notebook, and Mint on my desktop, so I'm a little familiar with it. Should you have a question along the way, post back. Be sure to check the tutorials out on the forum here, if you've never ran Windows 7 before. There's many helpful tips there.
And always feel free to come back, this is a really good place to learn Windows 7.
Best of Luck,
Cat