Your CD burning program will be able to format the DVD RW disk. As long as it's a RW disk you used and not just a R one. From what you posted, your disk drive is RW but that does not mean the disk is.
Be aware that writing direct to CD-RW by formatting it for "packet writing" and using "drag-to-disc" is the most unreliable form of writing to CD and often results in data loss after only a few weeks.
It's much better to use normal burning software like Nero (or one of the free equivalents) and even better still if you avoid using re-writable media altogether.