Macbook Pro and external drive file sharing ?

I purchased a 500 GB external HD.

Can I exchange and use files/programs from this drive with the same ease of access I have with my internal drive?

I noticed a "shared file" box I can check in the "more info" window for the external drive. WHen I check this box, a pop up opened with this statement:

"To publish this folder, you must enable File Sharing in Sharing preferences."
I canceled since I wasn't sure what this meant, but it sounds like this would allow me to use the external drive the same way I use the internal drive.

True?

Thanks

You can store files and run applications from the external drive, its just a drive

That publish folder setting is if you want other computers on your network to have access to that drive