It has been a while trying out the different distros and experimenting with double and triple booting OS. Finally I got to set up windows 7 and Ubuntu 9.04 to dual boot on my desktop.
Tried to dual boot windows 7 and Ubuntu 9.10 but that did not work well.Installing karmic beta was a major issue. Had to download the alternate CD more than once all I ended up doing was installing the system but no dual boot and the system would hang running Ubuntu.
So now I reverted back to dual booting Jaunty 9.04 with Windows 7 and everything is fine.
This is what I did.

• Use the ubuntu live cd and partition the hard disk as you would like.
• Log out and install windows in the partition created. Do not allow windows 7 to format the disk for installation.
• Once you are done installing W7 install ubuntu 9.04 import users and files from the windows partition and everything works well.

Updated 13th Oct Triple boot

My laptop Toshiba M70 SR3 had windows XP now I have triple booted it with XP, Windows 7 and Ubuntu.

• Prepared the partitions using GParted using live CD
• Installed Windows as second operating system (use the partition formatted using ubuntu)
• Install ubuntu as the third OS
• The Grub Menu will show ubuntu and Windows Vista (Boot Loader)
• Once you hit windows vista it will give you two options
• Windows 7 and Earlier versions of Windows
• If you choose earlier versions of windows you will get XP