syncing imac and mac book

I have an imac and a macbook, and I want them both to have the same data, including itunes libraries, I have a firewire cable, is there a way of telling the macbook to set itself up like the imac, and transfer over all the data

The short answer is "NO".

The idea is to use the iMac as the file storage machine and the Macbook as the remote machine that accesses the iMac.