Can I share a folder with a win7 VM?

[mdubs]

I'm just getting into messing around with setting up a win7 VM inside my ubuntu 11.10 partition.

Just messing around last night I was able to get win7 to install in vbox so that's all good.

I'm wondering if there is a way that I can share a folder between the two systems. I would like be able to place files in the folder and then have them accessible in the VM and likewise place work that I've done in the VM back in the folder and be able to access it in ubuntu.

Can this be done?

Thanks in advance for any help.

[Habitual]

Virtualbox > Highlight Win7 install > Settings > Shared Folders

Funny a Linux VM Client calls Linux directories by the Windows term "folders"