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May 23, 2012 5:54 PM in response to Jixrby Limnos,Which OSX version are you using? With 10.7 itunes is built into the operating system I believe.
Having the application itself on the internal isn't a burden unless you have a tiny internal. You can store the rest on an external drive, or multiple ones if you manage your media yourself. Some of the specifics of the answers will depend upon exactly what you want to do. Here are some general references:
iTunes: How to move [or copy] your music to a new computer [or another drive] - http://support.apple.com/kb/HT4527
Quick answer if you let iTunes manage your music: Copy the entire iTunes folder (and in doing so all its subfolders and files) intact to the other drive. Start iTunes with the option (shift on Windows) key held down and guide it to the new location of the library.
What are the iTunes library files? - http://support.apple.com/kb/HT1660
More on iTunes library files and what they do - http://en.wikipedia.org/wiki/ITunes#Media_management
What are all those iTunes files? - http://www.macworld.com/article/139974/2009/04/itunes_files.html