Here's the cause of the problem and the solution. My Western Digital My Book Studio came from the factory pre-formatted with with the Mac OS Extended--Journaled format (aka Journaled HFS+) and partitioned with only one partition using the Apple Partition Map scheme. Windows, even with Bootcamp drivers, cannot read a disk partitioned with the Apple Partition Map scheme. Using Apple OS X and Disk Utility I repartitioned the disk to use the GUID Partition Table scheme (still with only one partition). I continued to use the Mac OS Extended--Journaled file system. After re-partitioning (which, with Disk Utility, also requires reformatting) I can read/write the disk after booting into Mac OS X and I can read the disk after booting into Bootcamp/Windows. Problem solved; additional background information below if you're interested.
There may be thousands (tens of thousands? hundreds?) of people who know that Bootcamp/Windows cannot read a disk partitioned with the Apple Partition Map scheme but I stumbled onto the fact after hours of experimenting and false steps. Grasping at straws and after exhausting all my other ideas, I decided to reformat my WD external disk in the hope it would clean up some undetected problem preventing Bootcamp/Windows 7 from recognizing the disk. Using Disk Utility to reformat I discovered I had another decision to make: which partition scheme to use (this applies regardless whether you want multiple partitions or only one).
When formatting a disk, OS X 10.6 Disk Utility provides three options for the partition scheme:
1. GUID Partition Table.
2. Apple Partition Map.
3. Master Boot Record.
Simplifying a bit, the GUID Partition Table scheme is intended for Intel-based Macs, the Apple Partition Map scheme is intended for PowerPC-based Macs, and the Master Boot Record scheme is intended for Windows compatibility. Intel-based Macs can read a disk using any of these schemes but can boot only from a disk using the GUID Partition Table. A disk may be formatted with the Journaled HFS+ file system regardless which partition scheme is chosen. But although OS X can recognize and use any of these partition schemes, Bootcamp/Windows can recognize and use only the GUID Partition Table and the Master Boot Record schemes.
More detail about partition schemes may be found at these links (which I discovered only after I had solved my problem using trial and error):
http://macs.about.com/od/usingyourmac/qt/partition-types.htm
http://www.coriolis-systems.com/help/iPartition-3/content/browse-frames.html
Of course re-partitioning and re-formatting the disk wipes out all the data stored on the disk, but I was desperate and Disk Utility does not provided an alternative that re-partitions the disk without erasing it. Coriolis Systems sells iPartition (about $45) which enables you to re-partition a disk without reformatting/erasing it.
Note that Paragon HFS for Windows and Mediafour's MacDrive would not have solved my problem because the problem was not in reading the HFS file system, it was reading the Apple Partition Map partition table. (This is not to denigrate those products; I will consider using one or the other if I find the need to write to the HFS+ partition when I am in Bootcamp/Windows.)