Why are we making things complicated?
This is what I would do.
Hook the external Drive up to your windows machine.
Format the disk, (open my computer, right click the external drive and click "format...") as NTFS.
Create folders, move files, etc... make sure its working.
Now go to your computer running Ubuntu 10.04 and plug in your hard drive.
It will likely show up on your desktop, double click it to mount it.
If you don't have permission to write to the folders do this.
open up a shell, (terminal) and type this.
replace USER with your username, and path_to_hdd_folder with the actual path.
sudo chmod USER /media/PATH/TO/HARD/DRIVE/FOLDER
enter your password and you are done.
If there is a problem write back.
oldfred's method is much more permanent and since what you are working with is an external hard drive, and not an internal I do not like it as much. when you do not have the hard drive plugged in and you start up the computer it will waste time looking for it, then return some error that it cannot be found. (although most if this is covered up by Ubuntu's loading screen, and you won't actually see it)
Please note that your "UUID" will not be 44332FD360AA9657.You can find your UUID for your external drive by typing
in a shell
ls -l /dev/disk/by-uuid
Also, I recommend you leave it after Defaults, and do not type noexec, etc...
If you are annoyed by it asking if you want to run a text file, just open up nautilus, click "Edit" --> "Preferences" --> "Behaviour"
Here change Executable text file from "Ask each time" to --> "View each time"
Hope that helps.
@oldfred -- If you feel like I am stomping on your suggestion, I do not mean to. Just offering an alternative.