Currently Being ModeratedJun 10, 2012 2:58 AM (in response to troyboy65)
To Copy your ENTIRE iTunes FOLDER to an External Drive...
See Here > http://support.apple.com/kb/HT1751
To Operate iTunes from the External Drive...
Start iTunes with the option key held down and guide it to the new location of the library.
Be Sure the drive is Formatted Mac OS Extended (journaled)