External hard drive, to be read by PS3

[Arrlong]

im wanting to connect 1 of my many External hard drives to my PS3 to watch movies, torrented animes and what not.

after doing some reading i believe the drive needs to be formatted to FAT32??

any advice as to what program to run? or are there external drives out there pre-formatted to FAT32.

i have a 1TB external harddrive and a 500GB Seagate external harddrive.