How to partition a hard drive that has a recovery partition

I have a HP Pavilion laptop with a 750 GB hard drive, running windows 7 Home Premium (64 Bit). The hard drive has a recovery partition. I want to create two new partitions without losing the two existing partitions. What tool would be the best to use for this. I understand you can shrink a partion with built-in utilities in Windows 7. Could I then create the new partitions using this method?