Volume size too big

I’ve installed a new 120Gb HDD in a Win2K fileserver and tried to format it using FAT32. the format failed with “Volume size too big”. The MSKB tells me that I can access FAT32 drives larger than 32Gb but I can’t format them using Win2K.
Any ideas on how to format this drive using FAT32? I wish to format it as a single partition and chose FAT32 over NTFS because I have no need for security beyond share-level access on this drive and I’m led to believe that FAT32 will be faster than NTFS.