I don't think ntfs can be installed on the entire disc without a partition, which apparently ext2 can be. I would run fdisk, create a new DOS partition table, create a new ntfs partition taking the full disc, and then run mkfs.ntfs.
As for creating a file system with mkfs, HROAdmin26 is correct. I just verified that. I misremembered (mea culpa!) how I just set the label on my file systems without reformatting them! Doh! Major apologies here to all and sundry! I know that you can use e2label to set ext2/ext3 file system labels, and dosfslabel for DOS file systems, though I'm not sure if dosfslabel will work with NTFS partitions.
Anyway, my bad and especial apologies to ironwilliamcash. Do forgive me, dude! I think I'm going to return to Linux Guru school for some remedial training! 
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