I belive there might be a way, I just haven't gotten around to trying this out.
1) use disk utility to partition the external drive to ntfs (i think)
2) attach this disk to a pc and install the OS
3) install refit onto your mac
4) attach the drive via fw800, or even better yet esata, to you mac.
5) Start up your mac
6) choose the win xp option from the boot menu
7) install bootcamp drivers
this seems, in theory, that it should work. but this would probably be an easier solution:
1) use disk utility to partition the external drive to ntfs (i think)
2) install XP onto your internal drive via boot camp.
3) create a disk image of XP
4) drop the files from the image onto your external drive
5) install refit onto your mac
6) attach the drive via fw800, or even better yet esata, to you mac.
7) Start up your mac
8) choose the win xp option from the boot menu for the external drive
9) once you have determined that this works, you can delete the xp partition from your internal drive and you will have all the space of your external drive for XP
I would def think about getting an esata drive and the express card for this solution though.
http://eshop.macsales.com/item/Other%20World%20Computing/MEAQ7320GB16/
http://refit.sourceforge.net/