Quick format - about 30 seconds. Unless you mean a new-bought drive, in which case you need 30 seconds to initialize it and another 15 to partition it first. All silliness aside, if you just bought a new drive and want to make it show up as a drive letter you can get more details from step 5 onwards of this: http://www.tomshardware.com/forum/265764-32-guide-installed-disk-system

If you are doing a full format, may I ask why? The only reason I can think of is to be sure of erasing all the old data, and a format isn't sufficient.
 

tom90265

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Changing from fAT32 to NTFS... Know a faster way?
 
Are you changing with data in-place or just blank? If it's blank, it can still be quick. If you are using a conversion tool with data in-place, and you have a full TB of data, it could take a few hours. Assume a nice, round 100 MB/sec. 1 TB is (on disk drives) 10,000 times 100 MB. Twice that for read and write, and I get - half an hour. I must be wrong in some assumption. Sorry, I can't help you there.

But if you are going to convert existing data from fat32 to NTFS, please make a backup copy somewhere else just in case something goes wrong with the conversion. It's unlikely, but possible.

If you are converting an empty drive, it will still be a couple of minutes.