I have V-4.2E

1.I have my usb-loader as a channel so what i did was turned on the wii let it load up till i see all the channels.
2. Turned of my usb hdd.
3. Loaded my usb loader channel just before i hit start i tuned my hdd drive back on.
4. Hit start then it loaded up the hdd drive...
5. told me to Partition my drive to WBFS.
6. Let it format and then i was able to rip my games to hdd...

You can get out of any game by pressing your home key to on the control pad to go back to the wii menu. U can go back into your USB-loader hit star with out starting your hdd drive..

The only time you have to turn of your hdd is when u turn your wii on for the first time...

Hope this helps someone..