Oh well, I suppose the bottom line is you have to flash a ROM of some kind onto the drive. Going by that page, you need a "bootable Clockwork Recovery image" and a "Nook Color stock image". Eventually you should be able to find the files somewhere. This post seems to provide a flashable stock image, but obviously I can't provide any guarantees.
http://forum.xda-developers.com/show...&postcount=148