How do I use dedicated storage and iTunes?


Ok, I'm missing something here. I am using iTunes w/AIFF files for my digital audio. I'm using a Mac mini (my regular computer) and streaming the files through Airport Express to an upsmplaing DAC (Cambridge Audio DacMagic) to my stereo. The problem is: I'm running out of space on the computer. How do I get my iTunes onto a dedicated external hard drive for media storage and then streamed to my system?
I do have a 1 TB backup drive for my computer, but am not sure how to get the iTunes off my mini and onto it or another dedicated drive.
128x128tarraga
It's pretty easy to do this.

Copy your entire folder "iTunes" to the external USB or Firewire drive. Depending on size, it might take a while.

In iTunes preferences, click the Advanced tab, and in the area that says 'iTunes Media folder location', just to the right, click Change, then point to the new location.

You can also split your collection into multiple libraries, i.e., one for Classical, one for Jazz, etc. When starting iTunes, press the option key while you start iTunes, and it will ask you which library to select.

You DO know that your Airport Express is limiting your sample rate to 16/44.1, correct? Is that why your upsampling at the DAC?
Thanks to all who responded. There seems to be a consensus here and I just ordered a Synology 2 TB NAS and will then move the files to it. To answer Rhanson739's question about AP Express being limited to 16/44.1, yes, that exactly is why I'm using a Cambridge Audio DacMagic up sampling DAC. I also recently purchased a Pangea Power supply for it and that made an immediate positive difference in performance.