There certainly can be side effects but not if you use the right tools. Above all, do NOT use a Windows partition manager for this task. All the ones I've tried so far have caused big problems due to the fact that Apple's implementation of GPT (the partitioning scheme that's probably used by your MacBook Pro) is slightly customised and not the standard GPT scheme.
You'll need to use a product called iPartition, from Coriolis:-
http://www.coriolis-systems.com/iPartition.php
It has its drawbacks:- the demo version doesn't allow you to commit any changes IIRC. And also, you can't run it from your Mac's hard drive (it has to be burnt onto a separate boot DVD). And it's not entirely great at formatting Windows partitions. But apart from those issues it works exceptionally well. Bear these points in mind though:-
1) Create your new partition using iPartition, then format it with a Windows utility.
2) Format it for FAT32 (NTFS is read-only when mounted by OS-X, IIRC).
3) It's very unlikely that you'll be able to create more than one extra partition. Although a GPT drive supports up to 128 partitions, almost no currently available partition manager seems to be aware of this, so you'll be restricted to the usual 4 partitions - EFI, HFS (for OS-X), NTFS (for Windows) and FAT32 (for your shared data).
Some partition managers will allow you to create more than 4 partitions but if you create any, you'll only make the drive unreadable by other partition managers..