Linux use swap partition to increase RAM memory seen from applications - namely, it's the space in hard drive, where unused RAM is stored (if your computer does not have enough RAM).
Swap is also the place, where your RAM is stored during hibernation, ie, if you want to be able to hibernate, your swap partition must be at least as big as your RAM.
Now do some math. 86+34+34=154
, while your SSD can only store 128GB. You do not have three partitions as such. You have one primary (the 86GB) partition, where you store your programs, data, boot info and more. You also have one extended (the 34GB) partition, which can be thought of as (virtual) drive having 34GB space to hold things. The installer have chosen to dedicate it for swap space - which may be wise decision, in case you don't have much RAM.
As for your question, removing second partition (virtual drive) would also remove the swap area inside it. Doing so may increase lag (if your computer lacks ram) and will for sure disable hibernation.
You should be free to shrink it, however (34GB swap partition is the largest I've seen or read about). Doing so will increase the space available for you main system.
Press super key (also known as Windows key) and type gparted
. This will open the partitioning tool. You will be prompted for your password, type it.
As no system allows shrinking/deleting partitions being used, you need first to unmount it.
Click on your Swap (third) partition, find partition menu, choose Unmount. When you unmount all partitions that are inside extended partition, it is automatically considered as unmounted.
Click on your Swap partition. In Free Space Preceding type how many megabytes do you want to free up for your system. Click Enter
. Press >|Resize/Move
button.
I'd rather suggest setting up a separate /home
partition - a place where users' program settings and data are stored, but doing so isn't an easy task after one already installed Ubuntu.
So, you may simply add it to existing partition which stores everything. Just shrink extended partition in the same way as you just did with swap, and extend your primary partition by going to resize menu and increasing its size.
Check these links for detailed information
https://en.wikipedia.org/wiki/Virtual_memory
http://www.linux.com/news/software/applications/8208-all-about-linux-swap-space
and these for detailed instructions of how to setup your partition scheme
http://www.howtogeek.com/howto/35676/how-to-choose-a-partition-scheme-for-your-linux-pc/
http://www.howtogeek.com/116742/how-to-create-a-separate-home-partition-after-installing-ubuntu/