Sharing a partition between virtual machine and host machine?

I have a KVM setup with a Windows 7 guest on top of Ubuntu host. I have created an extra NTFS partition that is currently mounted in Windows as a "raw" disk. What I'm wondering is what would happen if I were to mount that partition in READ-ONLY mode simultaneously on the Ubuntu host? Would I completely hose something up if that partition is only mounted read-only?

Thanks,
Craig