Hi there Captain Seabiscuit,
Usually, drives offer smaller capacity than indicated on the drive label. That comes from the different measurement standards(decimal/binary):
http://products.wdc.com/support/kb.ashx?id=UvyS52
Then, I guess your drive should have 320 GB on the label.
If this is not the case, it may be a good idea to provide a screenshot of your disk management.
You can test the drive with WD's DLG tool as well(both short and extended tests):
http://products.wdc.com/support/kb.ashx?id=RQkZ51
Let me know how this goes,
D_Know_WD