Don't worry about formatting. You'll do that when you install linux on the drive. MS formatting isn't compatable with linux.
As for setting drive jumpers, the best thing to do is check out the hd manufacturer's web site. Most have very good install guides to download for free.
Static, as mentioned, touch the metal case to discharge yourself and you should be ok.
The only difficult part is the bios. Depending on how old the bios is you can run into problems, but if the bios is new enough it's nearly automatic. The only easy way to tell is just to try. If you are familiar with enterring the bios setup without changing anything I would suggest writing down on paper the current drive setup. (cylinders, heads, sectors, etc.) That can save a lot of headaches if something goes wrong.
