I want to install Ubuntu on this machine.
Is there any benefit to installing With live dvd compared to Wubi?
With WUBI, Ubuntu installs some kind of "nested" partition for itself within the main Windows partition, I think. The installation is like installing any other Windows program, which means it can also be uninstalled easily.
But since the partition is inside Windows, if something goes wrong with the Windows partition, then Ubuntu won't be able to recover either. And since it's nested, it's also not as stable as an independent partition would be and is more likely to crash after hard reboots.
The nesting also makes disk performance slightly slower than an independent partitions, and suspend and hibernate are not supported.
WUBI is meant mainly for people who want to try out Ubuntu for a while and get comfortable with it before doing a full installation, so if you're sure that you're going to use Ubuntu then it's better to do a proper install from the LiveCD. That can also be removed later if you don't want it, though the procedure is a bit more complicated than uninstalling WUBI.