Where is the drive connected to now? Is it inside the computer or is it external and connected to your router?
The best way is to connect it inside your computer so that you can partition and format it and then use it for your NAS.
ok, it was in the external enclosure, so i took it out again and connected the drive to my computer, and formatted it, created a new partition (brand new disc, but I never really thought of doing that before). After that was done I put it back in the case, plugged the ethernet cable back in (connected to a switch, and then a router), and then I turned it on again, but I am still having the same issue. The manager program is still not picking it up...http://computershopper.com/storage/reviews/iomega-home-media-network-hard-drive-1tb
this is a link to a page about a similar drive (size differs though)
would it maybe be that the old hard drive had a utility partition of sorts?