I recently purchased a new hard drive and I wanted to know: Is there a specific format I need to convert it to (and if so, how?) and can the original restore disks install OS X on the new hard drive. Thanks
Yes, you need to format it with Disk Utility (on the OSX CD/DVD, if you are booting from the CD, then go to the Intaller or Utilities menu at the top) or if this is a external drive or second drive in a tower machine, then you cn use the disk utility in Applications: Utilities on your main hard drive.
You almost certainly want to format it Mac OS Extended (HFS+)
Then you can do an Install of the OS, which will put on all of the stock stuff.
Note: It helps when posting questions, to specify which model and speed of Mac you have.