Formatting WD, 80GB External Drive

I have a Western Digital 80 GB External Drive. Can I format it by right clicking the icon in Computer. I right clicked it and the box that came up has NTFS in one line. Under this line is ex fat. This must mean that someone converted fat to NTFS.. I didn't proceed,not knowing what to do. Could someone help me get the drive formatted. I want to use the drive for a back up drive. Also, should 80 GB's be enough to use in this manner. Any help will be greatly appriciated. I'm not a geek, so would apprecieate any directions you can give me. BTW, my system is NTFS.
Red

 

Thanks for the help. Will see what I can do.
Red

 

Make sure you check the "quick format" box in the format window, otherwise you will be waiting a while!