I am a complete newbie to partitioning and I would like some guidance here. Can anyone explain what exactly I should be doing here?

I am installing Kubuntu 12.04 on a currently Windows 7 laptop. My current Partitions say this:

/dev/sda   
/dev/sda1   ntfs    104 MB     35 MB
/dev/sda2   ntfs    319965 MB  87164 MB

Basically, what I want is some guidance on what exactly to do here. All I want is a partition for my OS (Which will be Kubuntu 12.04) and a partition for all of my data. I also want to restart fresh with my hard drive, with only what I mentioned on here. I am installing Kubuntu from a flash drive (I set it up as a bootable device with Universal-USB-Installer-1.9.0.9), as I do not have any blank CDs/DVDs to burn to.

• What should I name my partitions?
• What should I set the type as?
• What size do they need to be?

Edit: My hard drive is 320GB. Just looked it up in my BIOS. This computer will mainly be used for internet browsing and overall just messing around with the Linux OS.