I have old notebook with BIOS (not EFI) installed with Windows 8 RTM, want to install Ubuntu 12.10 by booting to a LiveCD.
Doing some research, I found method either to choose
Something Else or
Which method should I use?
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As the other answer say, this method is the recommend one for those users that don't have the enough experience with partitions and OS installation.
In this method, you don't have to worry about the configurations, the Ubuntu installer will do all the complex work for you and you will be using Ubuntu in minutes.
Of course that both OS will exist separately and with own programs.
Your Ubuntu will be as a Windows program, with its own entry in Add/Remove programs.
This is relatively low risk for your Windows system.
If you are one of those users how want all the things as they want to, configuring everything and choosing all the options to your way, this option is the one you should pick.
It will let you choice the use of the partitions (resizing, moving and allocating the free space).