Yeah, somehow Windows is confused. The device is 350 GB, and in its former use it was successfully Partitioned as one volume ("drive") with all of that space. But somehow the 64-bit Win 7 you have installed cannot grasp that and it appears to believe the unit should be dealt with as NOT having "48-bit LBA Support". But in trying to operate that way, Win 7 cannot make any sense of the rest of the info it gets from the disk, so it is misinforming you and itself. Do NOT try to re-format that drive or Expand any Partition, etc. Any such attempt by Windows to write new structure data to the drive when Windows is already WRONG about the drive's characteristics could completely destroy your access to its data.
One way to force Win 7 to re-do the recognition of the drive is this sequence. Boot into Windows normally. Click on Start in lower left and chose Control Panel ... System and then the Hardware tab and the Device Manager button. Expand Disk Drives and right-click on the 350 GB unit. Choose to Remove this unit from the system and exit from here. Shut down, disconnect power, and disconnect that drive - both its power supply and its ribbon cable. Close up, power up, and boot into Windows. It will now recognize that there is no such drive in the system.
Now you re-do the installation of the drive, basically. Shut down, disconnect power, open up, plug in the drive's cables again, close up, reconnect the power cord and boot up. Just to be sure, go directly into BIOS Setup and use the extra screen to Auto-Detect the hard drives, confirm the correct choices. Check in the IDE port setup parameters screen that your drive is listed properly. Save and Exit Setup. This will make sure the BIOS recognized that drive properly. So now as it boots up, Windows should detect a new piece of hardware and automatically load the correct driver for it. That MIGHT solve the problem and let Windows begin to recognize it correctly.