Yeah, but if you only have one drive, you
can't easily create a 3rd partition.
Do you have a Mac Pro? If so, then just add another internal drive. Or else, add an external drive.
FAT32 will work but the one problem is that certain file names compatible with OS X make FAT32 cry. If you try to transfer a file directory over from HFS+ to FAT32 and there is one of these files in there, the transfer will just terminate, and won't tell you why. However, if you don't use funky file names, then it won't matter.
MacDrive is more flexible though, and allows you to read any HFS+ drive on Windows, including the OS X boot partition. Also, with MacDrive, I guess there is no need to create a 3rd partition.