Yes, it can be done, but not without "wiping" the drive. The easiest and most effective solution I've found is to make a complete image of a "virgin" drive with Ghost. IMHO, this is a good idea anyway - typically a Ghost restore takes minutes, whereas having to use the Dell OS CD's takes significantly longer to re-install the OS.
What I would do: Get a copy of ghost, put it on a large USB key, boot from that key, and make a compressed image of your SSD
to the USB key. Then repartition with whatever tool you like. After that, boot off the Ghost USB key again, and put the OS and Dell Utility Partition (if there was one) back on the new smaller partitions. Then you'll have space of OS X.
I've found this setup to work very well for me, but your millage may vary. ;-)