How do I reformat my external hard drive from fat32 to hfs?

I have an iomega hdd 160gb external hard drive that I am using with my powerbook. I am trying to move some large movie files to the external drive and I keep getting errors because it is formatted to fat32. When I purchased the drive I just plugged it in and that is the format it assigned to the drive.

Is there any way to reformat the external drive from this stupid fat32 business to hfs+ so that I can copy files larger than 4gb to the drive?