has anyone tried playing an itunes library (on an ext. HD) on a newer mac with imusic?

i.e. will a new mac with imusic 'see' the itunes library on the HD, play music on it.

I've read conflicting reports, e.g. it might work, or "you can do it with 'retroactive' software". I suppose I could just find someone with a newer mac, see if they'll let me plug my HD into it, see if it'll open the itunes library, but I'm curious if anyone on this forum has done it - or tried and failed to do it.

I'm really hoping that when I replace my 10 y.o. macbook I won't have to manually import every file from my HD into imusic.

thanks!