You should have received a Seagate "Disk Utilities" CD along with your drive. This disk has all the necessary stuff for formatting the drive.
With Windows 7, the system will see the new device and walk you through the formatting.
In older motherboards where the SATA transfer rate is limited to 1.5 GB/sec, it is necessary to attach jumpers on the HDD to limit the transfer rate to 1.5 GB/sec (as opposed to 3.9 GB/sec) - this is done by connecting a jumper between the two extreme left (when facing the connector pins end) pins in the 4-pins jumper block. This is explained well in the User Manual that came with the drive, and is also available at Seagate.com