Can I have i Tunes on a separate storage disk

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 use iTunes' default preferences settings: Copy the entire iTunes folder (and in doing so all its subfolders and files) intact to the other drive. Open iTunes and immediately hold down the Option (alt) key (shift on Windows), then guide it to the new location of the library. If you forget to turn on the external drive you will need to use the opition key method again, otherwise just start iTunes normally when the drive is poperly attached and running.

Thank you, I'll give that a try.