Yes, you can format it and set a drive letter in Disk Manager.
You can just copy the files manually with Ctrl+A then drag, there's just one hidden file in the root datalist.asc it just points the shortcuts to the exe in the folder:

Code:
Band-in-a-Box.exe=\bb\bbw.exe
RealBand.exe=\RealBand\RealBand.exe