I had a similar issue, here's what solved it for me:
On rooted stock HC 3.2 ROM, I first formatted a Samsung-branded 16gb Class 4 SDHC MicroSD card using Window 7.
Formatted the card to NTFS (which HC 3.2 will recognize) and FAT32. Neither would mount.
Then, I put the card in an Android phone (GB 2.2) and formatted it. That worked.
So, suggest updating your ROM to 3.2 for NTFS support. Then try formatting the card in an Android device if that doesn't work.
On rooted stock HC 3.2 ROM, I first formatted a Samsung-branded 16gb Class 4 SDHC MicroSD card using Window 7.
Formatted the card to NTFS (which HC 3.2 will recognize) and FAT32. Neither would mount.
Then, I put the card in an Android phone (GB 2.2) and formatted it. That worked.
So, suggest updating your ROM to 3.2 for NTFS support. Then try formatting the card in an Android device if that doesn't work.