There are things like partition magic, which might work, but it probably is a BIOS limitation if you have a 7 year old computer, and there probably isn't an updated BIOS for that either.
See if you can use the windows disk management to make another partition out of the other space. If so, then it's not a BIOS issue, and partition magic should work. If it doesn't work then it's a BIOS issue.
I feel obliged to to tell a story of a relate problem we had several times at work. We bought 250gb drives and slaved them into Windows2000 engineering workstations. They came preformatted with NTFS to 250gb. They would work great until you put 128gb +1byte on there, and then the drive became corrupt. It's a documented issue and very repeatable. In our case, XP worked OK... but I mention this because I would hate to see that happen to you when you try to load on your 129th show. Bottom line, for reliability, if you can get an OS to format a disk it should be stable. If you use some other magic wand, or slave it into another computer and format it there, be careful.