Formatting Issues

I am dual booting XP and Ubuntu. The partitions are in place. I have a 195 GB FAT32 partition to share data between the 2 OS's. I am having trouble getting this partition formatted. Ubuntu won't mount the drive and XP won't format it in anything other than NTFS.

Any suggestions? Also, What is the largest I can make a FAT32 partition?

 

here some information about FAT32.

I know that linux can read windows partition, but you need to install a special driver(or something like this, i don't know exactly). And windows can't read linux partitions at all.
Also XP can't make FAT32 partition more than 32Gb(it's microsoft limitations, they want people to use NTFS file system), but it is still can be formated using 3d party partitioning progs and you can create FAT32 partition up to 8Tb.