If you dont get this one , your setting yourself up for dissappointment.
http://www.ridgecrop.demon.co.uk/index.htm?guiformat.htm
Try using this format tool. Its already set to FAT32 with 32k clusters for you.
If it doesnt work, I would say its a faulty hard drive. Return it to amazon and try this one:
Doesnt need external power and runs perfect for me. There is 2tb option as well if you really need more than a 1tb.
I highly recommend this one.
You can format it with this: http://www.ridgecrop.demon.co.uk/index.htm?guiformat.htm
I use this exact one just format it or any other HDD to FAT32.
I recommend this one almost every day. Its got enough storage, does NOT require external power supply or a Y-cable, and is affordable.
Also, I have dropped it on concrete floor like 4 times and not even a scratch, LOL.