Thats odd, normally drives like that come pre-formatted...
have you tried the Disk manager?
Right click on your my computer icon, click "Manage", go down to Disk management, and you should see your drive.
Should look like the attached image. "Akira" is my 80 Gig Firewire external
Right click on it, and click "Delete partition"
It'll whine and moan about lost data and such, click ok.
Then right click on the same partition, and click "Format"
Choose NTFS, as you DO NOT want Fat32 on a drive that size, 1kb files will take up anywhere up to 4mb (A full sector) just cause Fat32 sucks, Name it something kewl, and it SHOULD work.