Let’s say that you have had iTunes for a while but your C: drive is filling up. You want to move all of your music to the F: drive which is a USB external hard drive. Can iTunes be configured to find the mp3 files on the new drive?
If it matters, iTunes is being used to move files on and off of an iPod and to play music through the PCs speakers.
I had the same problem and recently bought an external hard drive to move my MP3 collection (over 100 GB) off my PC. Its actually very simple to change the location of your iTunes library.
Edit > Preferences > Advanced Tab
You’ll see the first box under the advanced tab says “iTunes music folder location”
This is by default set to something like your “My Music” folder or whatever. Simply hit the button that says “change” and then map to your external hard drive. My external is drive “i” but obviously this will differ from PC to PC. The only problem I’ve noticed is that if you unplug your external to take it with you somewhere, iTunes automatically reverts to the default folder location and you have to repeat the process when you plug your external back in.