Parition my external HD?

[TestOne]

Hi, so I bought an external drive (1TB) and I've backed up all my files (400GB).
I want to partition about 5GB so I can use that partition as a bootable "drive".
Is this possible?
http://vvcap.net/db/Gri2qMuz_jSwrk1D7532.htp

Thanks.

 

[TestOne]

I created a 10GB parition to put an ISO on there, and when I started burning both partitions that made up the eternal HD disappeared.
I spent nearly 6 hours organizing and transferring files.
I had to go to disk man and give it a drive letter, all files are gone. So I reformatted it.
I have to do it all over again.