itunes library on a shared hard drive?

I have a scenario, someone please tell me if this is plausible.

Lets say I have an airport extreme base station and a shared hard drive, a macbook pro, and an imac. essentially, i want to not have to transfer and store itunes content on more than one machine, and not have to run both machines and stream using home sharing.

If I want to utilize itunes content, say watch a movie, on my macbook pro or apple tv, can i set up itunes so that the main library folder, for the two different computers with two different itunes and also the apple tv, can be located on the shared hard drive?

Yes. You can indeed do that. I have my iTunes folder on a Time Capsule's hard drive but your idea of using a shared drive attached to an Airport Extreme should work as well.

Copy the iTunes Music folder from its current location to the shared drive. Then launch iTunes on each computer, launch iTunes, and point it to the new location for the music folder. Not sure how to do that with the Apple TV but the process should be similar. So far I find that iTunes gets less confused if one Mac does things like purchase content but the most recent update may have taken care of that problem.

This may help with the process :

Transferring your iTunes Library | iLounge Article

hope it helps
clay

Thanks for the article link. I have been trying to create my iTunes library on my new MacBook Pro and it kept copying all of my songs from my shared storage. all I needed to do was change in the advanced preferences not to copy the files. I don't want a 5000 song library on my MacBook, just the file to point to the shared hard drive.