|Magnet?? That is goofy!|
If you are admin in windows and you try to format it and it comes back with that complaint you may wish to see if the drive does have a write protect switch.
Try it again on a different computer as it may be an issue with the connector.
You normally can't partition a usb drive in windows but you can easily run a live linux cd and try it. Be careful with fdisk. Be sure you understand how to use partition tools.
Why did it take me over a year to phone in a problem to ATT?