What is the error that you are getting? It may be that the HDD itself is not generating the error, but rather that Windows is doing so. It is not unknown for Windows to stop a user from doing something they really, really, REALLY want to do. God knows this has been the case with me many a time. And sometimes it's a good thing that Windows is stopping me.
You can, of course, get around Windows. Pesky as it can be sometimes, it isn't the 1st and last step. My fallback is Linux. You can get just about any linux distro and throw it on a CD, then use Gparted to complete your task. Gparted is basically the same thing as Disk Management from Windows, but designed for Linux.
First step, in my opinion, is identify the error. Once you have the error identified, you can identify the cause; Windows, the HDD, your method of attempted formatting, the wife, low air pressure etc. (Yes, the last two were a joke
) After you know the cause, it is easier to identify the most plausible solution. Going the Linux route is almost guaranteed to work, however you would be smart to make sure that the error isn't in regards to the drive or another unknown variable. I can see no reason why formatting it would be a bad idea, I've never destroyed a drive simply by formatting it before, but it is always wise to consider and reveal unknown variables.
Hope this helps