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It will work, but may needed to be formatted before OSX can be installed onto it. Install the drive, boot off your OS X disks and run Disk Utility. You should format it to Mac OS X Extended Journaled.
 
It will work, but may needed to be formatted before OSX can be installed onto it. Install the drive, boot off your OS X disks and run Disk Utility. You should format it to Mac OS X Extended Journaled.

Main thing is, you need to repartition in and under 'Options' you have to pick GUID Partition Table.
 
Main thing is, you need to repartition in and under 'Options' you have to pick GUID Partition Table.

AFAIK, that is automatically done when formatted. I tried this with my USB stick a while back. I erased it and it had Master Boot before and after the erase it was GUID.
 
Also, quick question. How much do you think I can sell my existing hdd for? Its the stock 250GB HDD. I bought my Macbook Pro in January of 2009, so its about a year and half old. I checked eBay, but there were really only new HDDs for sale for around $50. Would $30 on eBay be a good price?
 
Also, quick question. How much do you think I can sell my existing hdd for? Its the stock 250GB HDD. I bought my Macbook Pro in January of 2009, so its about a year and half old. I checked eBay, but there were really only new HDDs for sale for around $50. Would $30 on eBay be a good price?

Buy an external enclosure and use it as external for backups etc.
 
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