Disk Utility Keeps Crashing while Reformating

[illegalprelude]

Hey there guys and gals.

So ive been wanting to reformat a 120GB hdd ive had laying around so I can use it for backup of my PS3.

I used to use this for backup of my Mac, so with Disk Utility, I had it formated to OS Journal Extended. (Because of this I believe, when I plug via USB, my PS3 or PC wont see it).

So now, ive erased all info within and am trying to reformat via Disk Utility but everytime I attempt this, Disk Utility stops responding...

Any solutions to my problem? I just wanna reformat this baby so even if it means using my PC to reformat (windows xp pro) ill take the solution but I cant see to see it with my PC and again, Disk Utility keeps crashing.

Any remedy would be much appreciated as always.

Edit:
When I turn off the hard drive and turn it back on, I get

The disk you inserted was not readable by this computer.

I have the option of Ignore, Eject or Initialize (and that just launches me into Disk Utility and there is where I have the problem all over)