You sure can! First, as always when making a big change to your computer, make sure you have good backups. Then: For iPhoto: Quit iPhoto completely.
Start the finder and locate your current iPhoto library folder (it's usually under Home/Pictures) Move it to the external disk. Hold down the Command key (the one with an apple logo on it) and start iPhoto. IPhoto will say "Do you want a new library or to open an old one".
Point it to the iPhoto library you just moved to the external drive. For iTunes: If you don't do it already, go into Preferences and tell iTunes to keep your music library organized. Still in iTunes Preferences, press Advanced, and then press the Change button next to the iTunes Music Folder location.
Click the New Folder button and make a new iTunes folder on the external drive. Click OK until you get back to iTunes. From the File menu, choose Library, Consolidate Library.It will warn you a couple of times that this will make a copy of your entire library onto the disk.
Say you're sure until it believes you and moves your music. Once done, and you're sure that the music is OK, you can delete the original iTunes Music Library (usually in Home/Music) If you want a more detailed explanation, check out the source links below, which go straight to Apple's HOWTO documents on these processes, HT1449 and HT1229.
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