Your amiga can read PC formatted 720kb DD disks if you copy the file PC0 from storage/devs/dosdrivers to your devs:dosdrivers and reboot, having workbench installed on HD is highly recommended but might work if you´re booting WB from floppy as well if you´re lucky :-D
If you´re using XP you better format it on the amiga (format pc0:) since support for formatting DD disks have been removed. It can still read them though.
Note that the amiga will format it as a DOS disks and not as a windows disk (FAT). So it will rename files having names with more than 12(?) characters.