You can export the playlist as an xml format listing. You will have to re-associate the actual tracks with it.
If the files are in WAV format then names are numbers are an issue. If they are mp3, AAC or Apple Lossless then no problem.
The tricky thing will be to make sure everything is in the new library without creating a ton of duplicates. I don't know of a very easy way to do this. The one time it happened to me I spent an hour or two sorting though by hand. There are a few tools that are supposed to handle duplicates, but some of mine are not really duplicates so I didn't trust them. E.g. I have one album with the same track twice but one is electric and the other acoustic.
I would suggest doing this then. If at any stage things are not as they shold be, stop and double check back here (by the way, I have one hour left to help).
Make a new folder on that external which will be your new library home.
Start iTunes and immediately hold down the option key. When it asks you where to create a new library go to that new folder.
You will have a blank library.
Double check that iTunes preferences are set to copy music, organize, and the media folder location is inside this new folder you just created.
Make a new playlist and call it something like "Main collection"
Go to the Music folder in External > iTunes2012 Double check that it has lots of files basically equal to all your collection. If it does, drag that folder to the Main Collection playlist. iTunes will now take a while adding all those files and copying them to the media folder in your new library.