Looks like it gave me 15x5Gig drives ~ 45Gigs for one type of config. I assume the rest of the space is wasted?
No. It gave you 15 X 5 gig PARTITIONS.
Big difference. A disk icon sitting on your Workbench doesn't mean it's a complete drive. It means that there's a folder attached to the icon, somewhere on your system, or maybe on a different system over a network.
15 times 5 is 45? Looks more like 75 to me.
I guess what you could try is removing the partitions, and increasing size of each one to 7.8 Gb - that should be just about possible.
Theoretically, about 120, which together with your boot partition, brings up to about 128GB, which should be the limit.