You can rename the drive if you would like to. If there is nothing on the drive other than One Care backups formatting the drive is the easiest way to remove the One Care backups. If there is other data on the drive or if you prefer not to format see this
post on how to delete One Care backups -
http://social.microsoft.com/Forums/en-US/onecarebackupandrestore/thread/f0281206-ed0b-474c-8541-cc50843e5be2
Jim
Microsoft MVP Consumer Security - Forum Moderator - Live One Care - Live Mesh - Microsoft Security Essentials