Time Machine Question

I have an external drive that use for backing up my New MacBook Pro that runs Lion I want took hook this hard drive up to my Netgear router and use it as a makeshift Time Capsule, I guess my question is will it work and if it will how do I go around doing this? The router has USB ports already it is supposed to work as a duel router/ media center.

P.S. this is the only Mac in my house

No, it won't work. Unless you replace the Netgear router with an Airport Extreme base station, that is.