I am attempting to upload all my old CD's to my itunes and there is a heap.
Is it possible to have the itunes folder on an external hard drive?
My backup external drive has a lot of spare space
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)