(You mentioned using Boot Camp: if you previously had OS-X on and used the Boot Camp Assistant to create the Windows partition - then erased the data in the OS-X partition (no modifications to that partition), then you might be able to reuse the prior OS-X partition. Otherwise, I assume you just mean using the Boot Camp drivers.)
If you have no OS-X at all, and the disk has been re-formatted using MBR partition table, you will not be able to install and boot OS-X. It requires a GUID partition.
If you have another Mac available, you could make an image of your drive using WinClone, and use that later after using OS-X's Boot Camp Assistant to restore your Win7 install. Otherwise, you might be able to use something like Ghost or other Windows imaging software. I'll have to leave it to some other reader to confirm whether that would work. WinClone has been 100% for me when moving or modifying Boot Camp partitions.
Even if Partition Magic can change the partition table to GUID without loss of data, I don't believe it will help. The way Apple did the dual boot is by simulating a MBR from within the GUID. That's what Boot Camp Assistant does when it creates the Windows partition.
To answer the size of an OS-X partition question: I have Snow Leopard installed in a 25GB partition with some tools, like Disk Warrior, for emergency and management use. SL and the basics (including Disk Warrior) took less than 11GB.