Yes, Disk Utility will allow you to format as NTFS from the drop down menu
NTFS-3G will allow OS X to read/write to NTFS (Windows) and it is free
MacDrive will allow Windows to read/write HFS+ (Mac OS X), but it is not free
You can also check out the various file systems here:
MR Guide: File Systems
Woof, Woof - Dawg