It doesn't have any jumper pins because it's a SATA drive. These drives no longer require you to set the master/slave setting by the jumper and cable setting.
Yes, you should format the drive. Since it's a backup drive, boot into the BIOS, and set it as the second drive in the hard drive priority. You will continue booting off your primary windows 7 hard drive. Once your inside windows, go to the disk management, format the drive, and allocate it.