Windows only supports one active primary partition at a time, and by the looks of it you have three primary partitions and an extended partition containing 8 secondary partitions.
One of your primary partitions is active and allocated to drive letter I: so the other two primary partitions are inaccessible to windows.
Since Truecrypt is obviously happy with it's volume being a primary partition (which conveniently also hides it from Windows), I would be inclined (after backing up the whole drive several times) to remove the 2nd primary partition, move the truecrypt volume to be next to the active primary (I:) partition, expand the extended partition to fill the hole left by the truecrypt partition and re-create the 98GB FAT32 partition in the new space in the extrended partition. At this point you should be able to format it, allocate a drive letter and copy the data back into it.