MacBook Pro - Need help cleaning hard drive

Of my 111 Gigs offered, I am using 107 so it is time to figure out some places to save room.
I have went to my hard drive and I am using 52 gigs. It is my Library folder that has 37 gigs used that I am not sure what all is in there.
Application Support is using 24gigs, DVD Studio is using 8 gigs. Those are my big ones. I have Final Cut 5 Studio so I am sure that is taking up some space too.
My question and what I need help with is this. Can I drag the application support folder to an external hard drive so that it is not taking up so much room? Or will that effect how the programs run? I was not sure if application support was just tutorials and online support links or what?
thanks for your time and hopeful help
jared