Need help: activating ownership of my external hard drive

I recently purchased from you a Cavalry 500GB USB 2.0/Firewire External drive to use with my mac ibook g4 laptop (mas os 10.4.11). I plugged it into my computer and the little hard drive ICON appears on my desktop with the name "NEW VOLUME". However, it does not allow me to change the name of the hard drive and when I try and drag a file into the drive I get an error message that says: "The item could not be moved because "NEW VOLUME" cannot be modified."

According to the product description, the drive is already pre-formatted to Plug & Play. I check the disk utility info on the External Drive and it says that there are "owners enabled: no"... I'm pretty sure it should say "owners enabled: yes".

I need to rename my hard drive and be able to use it. How do I get this to work?