A:Answer Absolutely. You will be able to do that with ease. There is one finer point worth mentioning...
If you format the drive NTFS, you'll be able to read and write from your Windows machine just fine, and you'll be able to read the files with your Mac... However, you won't be able to then write to the drive with the Mac. You'd have to reformat it with HFS on your Mac first. So keep that in mind. However, if you format it on the Mac first, you can choose FAT32 or HFS+ and choosing FAT32 will let you read and write from the drive on both machines.
Hope that helps!