installing itunes on external HD

Does anyone know of a way to install itunes on an external Hd?

I 'm trying to free up some space on my mac by place all of my music on an external HD. I can drag the app from the mac to the external HD, but it won't update the music library(external) without adding it back onto the mac. I've tried to install itunes on the external, but it's not capable to do it since it's not part of the start up disk.

Has anyone tried this before and succeeded?

Thanks,

-SP

Leave iTunes itself on the internal drive and just put all of the music on the external. In iTunes prefs just set the location of the iTunes library as the external drive where the music is.

I don't have ANY of my 80,000+ tracks on my internal/boot drive, they are spread across multiple external drives with no problems.

Thanks