Partition a time capsule?

I'm in the market for a time capsule and was wondering if it is possible to partition off a certain amount of space to use as just an external hard drive? The partition size wouldn't be very large (320GB) and I would use the remaining space for time machine backups.

Yeah, I know there's been threads on this before but I couldn't fine a definitive yes or no answer.

Thanks in advance.

Yes i have mine partitioned but it is slower when it comes to moving data when compared to Firewire 800.