wow what a bunch of scary info, starting an install to format? Use drive manager!
If you want to just leave the drive installed in the PC, just right click the drive icon in explorer and click "Sharing and Security", you can enable sharing at the root level of that drive, and then connect to it from the Mac as a server. A little bit of applescript (I'm sure a search on this forum or google will turn one up) and you can have it mount automatically when you log in.
You do not need or want to format this is any other manner than NTFS/FAT32 (you didnt say what version of windows you use). The Windows box has control so it must be readable in Windows (HSF+ is not).
However, liek neoelectronaut suggested. Go to compusa, pickup a FW or USB2 enclosure (USB2 are like $39, FW tend to be more) and put the drive in there. Use disk utility to partition the drive as HSF+ for better performance. It is not writable as NTFS when connected directly as a USB/FW drive.