Toshiba HD worked fine with 2008 MBPro, but when I try to use with new MBAir, it says "read only" - how can I fix?

I have a Toshiba external HD that I used with my old 2008 MBPro with no issues. I just got a new MBAir, and when I try to use the same Toshiba HD it will not allow me to write to the drive. The drive mounts and I can open files from it, but when I look at the info under Sharing & Permissions it says "You can only read." I'm not able to Verify it in Disk Utility either, as when I open it there all the Verify buttons are greyed out.
I also noticed the drive format says Windows NTSF, which I don't understand since I was using it with a Mac before and have never used it with a PC. Do I have to reformat it to write to it from my MBAir? I have files on there that I don't want to lose, and the only PC I have available to me is at work.

http://support.apple.com/kb/ht1274

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