Assuming that you previously backed up to CD/DVD, you may need to reset the backup plan:
Open OneCare
Click Change Settings
backup tab
Click Configure Backup
Click change settings in the lower left
Make sure that the first screen for Centralized Backup has "No Centralized backup" selected
Click your PC on the left.
Uncheck the selection for "Turn on backup for this PC."
Click Next and save the revised plan.
Go back to the backup tab, configure backup and click Change Settings in the lower left once again.
Select your PC and click.
Click Turn on backup
Select the change location link and select the drive you want to use for backup
Modify the schedule as desired for "When"
Select the file types as desired for "What"
Click next and save the revised plan with the new selection.
As Jim noted, the drive needs to be attached, turned on, and formatted for OneCare to be able to use it for backup.
If all of the above do not resolve the problem, please contact support.
How to reach support (FAQ) - http://forums.microsoft.com/WindowsOneCare/ShowPost.aspx?PostID=2421771&SiteID=2
-steve