I'm replying from my Linux OS now.hehe.
Well I dual boot WinME and Mandrake Linux 8.2 for a few weeks now and I'm pretty happy with it.
2 BASIC rules to follow though:
1)Choose the correct monitor. Trust me you don't want to choose the wrong monitor.
2)Create a boot disk.This IS necessary (sp?) because if you reinstall windows the boot sector gets rewritten and so you won't be able to boot Linux.
Before you do a dual boot I would highly recommend getting Partition Magic. It will save you a lot of trouble. It's got its own boot manager and can move/copy/resize/join/split partitions. The wizards also help out a lot.
I run a Dual boot between Win98SE, DOS, and Red Hat 7.1 right now. The reason I say use partition magic is because the Linux partition manager will screw you over very badly(D*** you Mandrake Partition Manager!!).
My Partitions(30gb HD, order is important!):
Primary FAT16 50mb partition: DOS
Primary FAT32 17gb partition: Win98SE
Linux Partition 10gb: RedHat 7.1
Linux Swap File 500mb?
Logical Extended Drive 2.5gb: Backup
It should be the exact same for you except the sizes and your Windows partition could be NTFS instead of FAT32.
Just PM/Email me if you have some other questions, It's very easy as long as you plan it out. Make sure you are prepared and don't skimp on stuff like Partition Magic.