[ubuntu] Installing Ubuntu 12.10 in VirtualBox

I am trying to install Ubuntu 12.10 in VirtualBox. I am running VirtualBox on Windows 8.

At the start of the installation process, I see that one of the options that Ubuntu presents is as follows:

[ ] Erase Disk and Install Ubuntu

If I choose this option, will it delete any other operating system installed on Virtual Box?

If I choose this option, will it delete Windows 8?

Thanks for clarifying.

Ramu