Originally Posted by Danny Stewart
Indeed.
In my opinion, you should have a dedicated Time Machine backup hard drive. However the answer to your question is no, Time Machine does not require exclusive access to the drive. Until I can buy a new hard drive, I am using my 320 GB data drive to double as a Time Machine backup drive. So no, it will not erase any existing content. However I would again like to stress that you should consider getting a dedicated drive for Time Machine at some point soon, if you can.
It's not just due to market share -- it's also due to the Unix underpinnings of the OS. It will remain much more stable and secure than Windows for a long time to come. I definitely think any kind of antivirus software is dramatic overkill, but good luck with it anyway. 
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Ah, but does it have its own virus
scanner? That's the difference, from what I can see it stops viruses from getting in but if one manages to how can you detect it without a scanner without just letting it do whatever it's supposed to do?
I'll do that. Speaking of Time Machine, how goes modifying it into TARDIS?