1. Download and install the HP Drive Key Boot Utility
2. Open the desktop icon and select the correct flash drive under device
3. Select the file system you want to format to (FAT, FAT32, NTFS)
4. Tick Quick Format
5. Click start

Officially this software (HP Drive Key Boot Utility) is meant for HP disks, but unofficially it seems to work fine at formatting most flash media, even digital camera cards.

Can't hurt to give it a try!

This tip (and alot more good stuff) found @ Relevant Computer Information