Boot Camp and iTunes data

I'm new in Mac OS and Boot Camp. I would like to know if I can use 1 iTunes data for both Mac OS and Windows partition?

I setup first the iTunes on Mac OS then on Windows, I point the iTunes data to the Mac OS partition? Is it possible to do such thing?

My aim is to have only 1 iTunes database that I can update using either Mac OS and Windows. If not possible, how can I have 1 iTunes database and still able to sync my iPhone and iPad on both OS X and Windows partitions.

I understand that by authorizing the iTunes on both OS X and Windows, I have to use 2 license out of 5 license available for my Apple ID.

Thank you in advance.