Is it possible to Dual-Boot Lubuntu on a MacBook? If so how would I do it? I have not tried as yet as I wanted to know the proper way to do such thing.
Yes it should be possible!
You should start by modifying the size of the partition where mac is installed with the mac "Disk Utility". Then you should install rEFIt: http://refit.sourceforge.net/ which simplify the booting of linux distros. At last you insert the Lubuntu cd and install normally
EDIT: you may also use rEFInd: http://www.rodsbooks.com/refind/ instead of rEFIt as the rEFIt website states, but I personally never tried it.