After several hours, it was almost complete...but then, my stupid computer did Windows Update. Grr.
I had to start over again. This time, Disk Management recognized the drive as Disk 1 (healthy partition, etc.) and RAW.
I started formatting for the second time (NTFS again) and waited over 12 hours for it to complete. Towards the end, a message popped up and said that formatting couldn't be completed.
I clicked on the drive again, tried to do a quick format (NTFS), but it said the same error. Then, I deleted the volume, unplugged it, waited, reconnected the drive, and waited for my computer to recognize the drive. It recognized the drive as unallocated.
I assigned the drive a letter, and tried another quick format (NTFS.) Still, I couldn't format the drive. Same error. My last idea was to try formatting the drive as exFAT (that was my only other option.) Didn't work.