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Many people have already proven this rumor to be fake.
--- Original Post ---
Since we'd first heard of the Wii's USB ports ideas of external hard drives, and computer mice and keyboards were thrown around. But Nintendo never gave any official details on what the Wii could detect through the USB ports even saying hard drive support was unlikely.
But it seems that someone has found a way to have the Wii recognize external USB hard drives. First you need to make sure that you have the latest Wii firmware, which comes through updates. Through your PC, format your external hard drive to FAT32. If you don't know what that means, ask a friend who knows computer stuff. Make sure you have no SD cards in the Wii's SD slot and then hook your hard drive in through the USB ports.
The Wii should detect it as an SD card so you can use it to store things like saves and Virtual Console games. Apparantly only a hard drive of 120GB or less can be detected but some people have claimed to have 300GB drives working.
I can't try this out myself and the person who originally posted this couldn't confirm anything either. Let me know if it works or not.