moving zune folder to ext drive

[bobc]

I have a MS Zune 120 with 45+- gigs of music. Is it possible to move the zune folder (path-my documents\my music\zune) to the ext drive (Western Digital my passport 500gb) and have the zune player update from the ext hard drive rather than the pc hard drive? I am running windows xp. I am already using the ext drive as a back up so my music files and other docs are already backed up on the ext drive.
thanks

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