How can i erase the OS from an external HD but retain some data?

I have an external HD, a lacie 640gb triple interface, connected to my macbook pro via firewire. i have installed the OS to it as well as some data. The disk only has one partition. How can i erase everything [the operating system, applications etc] but keep some of my data in the disk? Which is the best way to do it? Should i use drive genius, which i have, to create a new partition to the HD, move the data that i do not want to be erased to it and then format the other partition and then reunite the two partitions or is there a better way to do it?
Thank you for your help.

No, as far as I know from this site, Drive Genius is your only hope. I have never used the product or that function though. Another member here says it works.
Your other choice would be to store the data on another drive temporarily. Erase, partition and transfer back.
 Cheers! DALE

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