1. Well, if you have the WD SmartWare already installed you are in luck as there is Erase function built onto WD SmartWare software. There are 2 ways. #2 or #3.
2a. Click to Settings Tab on 4th right.
2b. Click to Set Up Drive
2c. Click Erase Drive and follow the instruction.
3a. Plug in the drive and you will be prompted to type in password.
3b. Type in 5 "wrong/bad" password
3c. This will trigger Too Many Attempts and asked to accept data loss and get drive back.
If don't have the WD SmartWare installed, I am not sure if there is way to get the drive back.
WD should release some kind of Erase drive stand alone utility.