In case you want to install both OS's and dual boot, remember that installing windows AFTER linux will bork GRUB and you won't be able to boot into linux
To fix GRUB use Rescatux http://www.supergrubdisk.org/rescatux/ It's easy and it just works
At a minimum, you have a borked bootloader.
You may be able to use Rescatux or Super Grub2 Disk to restore it.
First thing to do is. Get a backup of the files that are currently on the windows system. Whether you clone the drive with CloneZilla or any method you have known (I know you can't boot into it right now, but it's best to have at least something to fall back on). http://www.techrepublic.com/blog/windows-and-office/how-do-i-clone-a-hard-drive-with-clonezilla/ Try that tutorial, I just did a read through and this is basically what you would need to do to clone your windows drive. Do you have any external drives big enough to contain the data?
Second, There are a couple of boot repair discs that you can try as well. I believe there is one called Super Grub Repair, that may help you in this situation.
http://www.supergrubdisk.org/rescatux/
The above link looks like it may help you in this case as well. I wish I could help you more, but that's the extent of what I can offer at this moment.
Do you still have your windows 7 installation disc? Fixing the windows boot record is simple if you do.
>1.Put the Windows 7 media in the DVD drive, and then start the computer.
>2.Press a key when you are prompted.
>3.Select a language, a time, a currency, a keyboard, or an input method, and then click Next.
>4.Click Repair your computer.
>5.Select the operating system that you want to repair, and then click Next. In the System Recovery Options dialog box, click Command Prompt.
>6.Type Bootrec.exe /FixMbr and Bootrec.exe /FixBoot
Doing this might then make Ubuntu unbootable if this is where grub was installed.
You could re-install Ubuntu and manually configure the bootloader or unplug your SDD temporarily so that the installer can't touch it (If you do this make sure to type sudo update-grub in the terminal to add windows to the grub menu after installation). You can also use something like rescatux to reinstall grub on your 500GB HDD.
If the password is what you wish to empty Rescatux could be something to use, as it allows a "blank windows password" option there, I didn't try it yet, no request for this type of request yet.