500gb my passport essential comes up as 2tb and doesnt format

HEY.. I HAVE 500GB MY PASSPORT. WHEN I PLUG IT IN I GET A FLASHING LIGHT.. TRIED ON MULTIPLE PC'S STILL SAME THING. TRY TO FORMAT BUT I GET "THERE HAS BEEN AN ERROR ERASING YOUR DRIVE". WHEN I CHECK DISK MANAGER IT SAYS I HAVE A 2047.35 BG DISK. AND IN DEVEICE MANAGER THE DRIVER IS "WD MY PASSPORT 070A USB DEVICE"!!!... FRUSTRATING I NEED TO USE THIS DRIVE. AND I BELIEVE I MAY HAVE ALRADY LOST MY DATA. I TRIED TO ERASE DRIVE TO CLEAR PASSWORD AND EVERYTHING BUT NOTHING WORKS.. IT DOESNT SHOW UP IN MY COMPUTER AND WINDOWS DISK MANAGER ASKS TO INITIALIZE DISK. .........................PLEASE HELP.

What happen when you try to initialize the drive?

If the partition is corrupted it will not display the capacity properly. You can test the drive with chkdsk or  Test Disk