I doubt it. Disk Utility will recognize the NTFS format, but it refuses to erase disk (for some reason it calls this process "erasing" instead of "formatting.") Anyways, once you present an NTFS formatted disk, it will grey out the options to erase/format the disk into.
Disk Utility requires a format that it can write to, which pretty much means FAT32 if you are buying it from the Windows world. However, Windows XP does not let you format a drive into FAT32 unless you partition the drive into 32GB or smaller pieces. You may have to get a program such as PartitionMagic to format the whole drive into FAT32 if you want partitions greater than 32GB or use Win98. Windows 2000 might let you as well, but I am not sure.