I am not sure if this feature is included in Windows 7 Home Premium as I am using Windows 7 Ultimate but you can try anyway.
type: disk management
click: create and format hark disk partitions
there's probably ~450 gig of unallocated space on that drive. just create a partition and format it or delete the original and create a full 500 gig partition, or do whatever you want to do.
also, you are probably safe to do quick formats on new hard drives because the full format is just format + chkdsk. if you want you can always run the chkdsk separately at a later time
Edited by yorkred, 26 December 2010 - 01:58 PM.