Pues si solo es para Win 2000 y XP, formatéalo sin la aplicación en cuestión.
Después, instala estos programas:
WD Drive Manager
The installer for WDDriveManager (the specific version is contained in the zip file) installs the Drive related light, button, and RAID Manager functionality program for Windows 2000, XP, Vista, and Windows 7. This is a replacement program for the WD Button Manager program.
My Book Studio Edition Software
This zip file contains an updated copy of the files that were originally included on your drive when it was purchased.
This software is only available for download through our registration service. You will need to register your WD product to download the software. If your WD product is already registered, you must log into our registration service to download the software.
Ojo, el segundo paquete de software solo se puede descargar si te registras en la página (podrás perfectamente, ya que dispones de un producto de Western Digital).