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
Adding to my previous post, some of the smaller Oyen drives utilize SSD's, but not the 1 TB drive. As indicated at OyenDigital.com, the largest SSD they offer is 480 GB. And, per their website, that lists at $410 in its cheapest version!

At Newegg.com, the least expensive raw SSD (without an enclosure) that approaches 1 TB is a 960 GB drive selling for $1,000. Some others sell for much more than that.

Regards,
-- Al
Re the original question, see this procedure at the Apple support site.

That document pre-dates iTunes 11, btw, although I suspect that it remains applicable.

Regards,
-- Al
I am using a 1TB Oyen drive and it is not a SSD. It is dead quiet thou and has been working perfectly for several months now.
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.