are you running any other programs? if you are, then close them. if not, then there is really nothing else you can do (besides updating hardware)
What I am wondering about is what is a normal or common formatting time for this size drive?
Is it impacted by running 2 operations at once? since the head is jumping from one area of the drive to the next
In the past in windows it used to format 1 drive and park the other operations till it finished in Vista it is formatting both at the same time
only IE at the moment and Notepad