I know this is superfluous to point out, but make sure your data from the drive is backed up before reformatting.
Windows will tell you that you can only format a drive smaller than 32 gb using FAT32, but that's an artificial limit set by MicroSoft. Using your Mac or third party utilities on the PC (such as Maxtor MaxBlast, available for free download from Seagate), you can format the disk and Windows and OSX will play nicely together. I personally use FAT32 for all drives that I'm not booting from to increase compatibility between OSX, Windows and Linux.