I just purchased a Calvary 120 gig external HDD from Tigerdirect.com, haven't got it yet but I'm sure it'll work flawlessly. My question is if there is any way to configure that to NTFS while I still have to use FAT32 on my Windows 98SE computer.
You will probably need a special driver to access it. http://www.sysinternals.com/Utilities/NtfsWindows98.html
So if I were to install this driver I would be able to do what I am wanting (Create ISOs, DVDs, etc) that are over 4 GBs?
Well you need to format the drive with NTFS if it doesn't already have it but you should be able to access it with that software from Windows 98 SE.
After reviewing the software, it says it's read only if you format it with NTFS. Does this mean that I cannot do anything with it such as move files, make files on it, save files to the External HDD, etc?
It means you can only read videos, documents, pictures, or whatever but cannot edit or save anything.