No, it is not possible to format the hard drive of your Walkman with the help of your computer, as the computer uses a different system to organize files. It is, however, possible to initialise your Walkman by following the instructions for "Formatting memory" found in your Digital Music Player help guide.
IMPORTANT: Formatting the memory erases all data such as songs, the supplied software installer etc. that is currently stored on your Walkman. Be sure to first check the memory and export any important data to your computer before proceeding.
In case you have already formatted your Walkman with a computer, format it again by carefully following the "Formatting memory" instructions found in your Digital Music Player help guide.