Another Ubuntu problem

[C-Death]

Hello everyone. I've gotten as far as partitioning a part of the disk in Windows 7 to be used for Linux (Drive L: 50GB)
Now that I go to install UBUNTU with Windows 7 (Don't wana lose windows 7)

I'm presented with these two screens

And at this I am TOTALLY lost. I was under the impression that one partition would be sufficent, but now I'm reading that you need 3?
I apologize, but the guides floating around are not exactly new-user friendly.

Any idea what I should do from here? I'd be eternally grateful.

 

[Slapshot136]

I was under the impression that one partition would be sufficent, but now I'm reading that you need 3?

it seems like it has a swap partition and also a bootloader partition - the odd thing is that they are all NTFS though.. I would just point it at the 1mb partition, since that is most likely the windows bootloader and can be replaced by the linux one

also I think you meant to say you have a 500gb drive?