Mybook world (blue rings) sync / stream files with ps3

Is this possible? I have been searching this topic for weeks and have been unsuccessful. I’ve heard that you need to format the drive to fat32 so that the ps3 will see it on the network! if this is the case how do you format the drive? I have windows 7, set up a home network and am able to view files on pc but cannot see MBWE on ps3. please help.