USB device I/O error

I'm having a problem with my JNC SSF-1002 MP3 player, when I try to access it by clicking on the icon in My Computer, it says the request can not be performed because of an I/O device error.
Also, when I try to turn it on, the screen says:
Error! Reformat internal media as FAT16
I think wiping everything on the MP3 player would fix it, but I don't know how because I can't access it.

Please help! Thank you!