I was wondering if this is possible.. I would like to piggy back an external hard drive off of my time capsule so i could access it from both my iMac and a macBook. The iMac is hardlined directly to the time capsule and the macBook would be wireless.

The iMac is mid 2011
the macbook would be like an 07-08. not sure yet i haven't bought it yet. It would be running lion as the iMac is

I have a time capsule as my router with a express and extreme repeating