i dont think so because its a file allocation system and there completly differnt so i dont think you can and if you did manage im sure there would be data curuption
http://www.microsoft.com/technet/prodtechnol/winxppro/maintain/convertfat.mspx It's easy, just type convert c: /fs:ntfs or substitute whatever drive letter. That does it without having to format and lose data. I would make a backup first just in case, but I have did it many times without issues. A couple caveats, it is a one way conversion, you can't change back to FAT32 without reformatting (or using Partition Magic or other product) If you have any kind of dual boot setup like booting between Windows 9x and 2000/XP then the 9x boot will not recognize the drive.
Open a cmd prompt and enter convert c: /fs:ntfs The amount of time it takes depends on the size of the drive. Pros: Added security, less drive "slack" Cons: If using a dual boot, cant read the drive from older OS.