Formatting WD Elements 2tb from NTFS to FAT32

[Inopeki]

I would be really happy if somebody would help me with this.

I bought my WD Elements yesterday so i could have movies on it and plug it in to the TV/Xbox360 and watch them from there. So i put about 200gb worth of stuff on it and it wouldn't work when i tested it. It turns out i need to format it to fat32 to get it to work on xbox360. So now to my questions, 

1) How do i format it to fat32?

2) Will this restrict me in any way?

3) How much time will it take?

4) Will i have to delete all the files before formatting?

[Wizer]

1- http://www.partition-tool.com/

2- files can't be larger than 4 GB

3- couple of minutes or less

4- formatting will erase all data .

[Vadir]

You can also use Acronis to format the drive to FAT32, or do it from a Mac that does not require the use of third party software: How to format a WD external hard drive in FAT32 (to use in Windows or Mac OSX)