WD TV Live HDMedia Player - 3TB Drives

Can the WD TV Live HDMedia Player access 3TB Drives if it has a partiton, one as 2TB & and the other as a 1TB Drive, or no?

It most likely read the 2 TB partition only. But this does not mean that will not cause data corruption. 

 You mean it will read either the 2tb or 1tb partitions but both can be corrupted in the process?