I bought a 4TB Western Digital hard drive just yesterday, however it only shows up as 1.63TB.
Its nearly completely empty, i haven't put any files or anything into it.
Support for hard drives larger than 2 TB requires several features in your computer. You should start by reading the Microsoft article on 2TB+ support -- http://support.microsoft.com/kb/2581408
It may be because your system is formatted as MBR, which means it can't recognise drives over 2tb properly. To overcome this, either use GPT or make two 2tb partitions on the 4tb hard drive.