multiple partitions on a flash drive

Go to the my computer properties. The "hardware" tab. Device Manager. Find your USB flash drive. Right-click — Properties. Tab "Information" in the drop-down list "device instance ID"
Then go here and enter in the box the VID that the device information you're after "PCI/VEN_"(there are 4 numbers), then in the PID writing that the information after "DEV_"(also 4 digits). Remind Find.
Get a list of drives. Looking for my. Find the right-most column will be the name of the utility, which can work with your chip. Well, it the idea can do it.
For me it was AlcorMP. If you have the same thing, you can tell exactly how to do what you need.
upd: you are not the same. If you wait till tomorrow, I can try tomorrow your to scratch.

Put knopix (this is the fastest and painless way to put Linux without any impact on the system), then from Linux fdisk, make, and already in the program will be instructions for creating partitions.
Then create the partition:
sudo mkfs.vfat -F 32-n MY_VFAT /dev/sdd1
sudo mkfs.ext3 -L MY_EXT3 /dev/sdd2
The example makes two partitions, Windows or Linux.

really depends on the model of the stick. instructions in Google full: time, two

what model stick?

Then, I think, will suit you and the option of emulation of this removable drive.
\rSoftinkoy, which helps to make it quite easy to manage. Try.