sharing iPhoto/iTunes libraries over a network?

I plan to get a time capsule to dump all of my media on. I have a mac mini and a macbook. Is it possible for iTunes/iPhoto on both computers to share their respective libraries, or would that cause a problem?

If not, is there a good piece of software that could sync the libraries? For example I could probably keep my music local on my macbook, but I want it to be synced to the main music library on the time capsule.