Is it possible to share a hard drive between Windows and Ubuntu?

I have two hard drives on my computer. One is C which the computer boots Windows XP from, and the other is drive F which is only used for storage.

I want to install ubuntu on drive F, and still be able to use it for storage. I would also like it be so that I can drag files onto drive F in windows, and be able to see them in Ubuntu. Is this possible, and if so, How?