It is possible that if you format an NTFS drive that the data still exists and can be recovered. While nothing is guaranteed here, it is a way to possibly get back what you think you have lost for eternity.

When you delete a dynamic volume, the OS erases the volume's file-system boot sector (sector-0) and removes the volume entry from the Microsoft Management Console (MMC) Disk Management snap-in private region database. However, as part of this process, the OS leaves the rest of the drive intact, including the data.

Since a backup copy of the boot sector is kept, you can copy this boot sector back to sector-0 and restore the volume as long as you know the original volume size.

1. Recreate the original volume
   
   open the MMC snap-in
   
   1. Start
   
   
   2. Programs
   
   
   3. Administrative Tools
   
   
   4. Computer Management
   
   
   5. select Storage
   
   
   
   
   specify the partition parameters
   
   1. right-click on the unpartitioned space
   
   
   2. select "new partition" from the context menu
   
   
   3. specify the exact size of the original volume
   
   
   
   Note 1: don't format the volume
   Note 2: you must know the original volume size to recreate the volume because the MMC Disk Management snap-in rounds partition sizes.
   


2. Find the backup boot sector
   use DMDIAG.EXE
   


3. recover the backup boot sector for the NTFS volume from the end of the deleted dynamic volume
   use DSKPROBE.EXE
   


4. mount the volume for immediate use
   This is not necessary if you will do a reboot immediately
   
   open the MMC snap-in
   
   1. Start
   
   
   2. Programs
   
   
   3. Administrative Tools
   
   
   4. Computer Management
   
   
   
   select RESCAN
   

When you delete a dynamic volume, the OS erases the volume's file-system boot sector (sector-0) and removes the volume entry from the Microsoft Management Console (MMC) Disk Management snap-in private region database. However, as part of this process, the OS leaves the rest of the drive intact, including the data. Both FAT32 and NTFS store a backup copy of the boot sector. You can copy this boot sector back to sector-0 and restore the volume as long as you know the original volume size.
This article is based on Microsoft article #153973
"Recovering NTFS boot sector on NTFS partitions"

1. Recreate the original volume
   
   open the MMC snap-in
   
   1. Start
   
   
   2. Programs
   
   
   3. Administrative Tools
   
   
   4. Computer Management
   
   
   5. select Storage
   
   
   
   
   specify the partition parameters
   
   1. right-click on the unpartitioned space
   
   
   2. select "new partition" from the context menu
   
   
   3. specify the exact size of the original volume
   
   
   
   Note 1: don't format the volume
   Note 2: you must know the original volume size to recreate the volume because the MMC Disk Management snap-in rounds partition sizes.
   


2. Find the backup boot sector
   use DMDIAG.EXE
   


3. recover the backup boot sector for the NTFS volume from the end of the deleted dynamic volume
   use DSKPROBE.EXE
   


4. mount the volume for immediate use
   This is not necessary if you will do a reboot immediately
   
   open the MMC snap-in
   
   1. Start
   
   
   2. Programs
   
   
   3. Administrative Tools
   
   
   4. Computer Management
   
   
   
   select RESCAN