I am thinking I did this before. i could just drag and drop and copy my cakewalk content folder to my external drive and then go into to cakewalk assign the new folder location.
I am just wondering if all the sound libraries line up?
 
I will copy it first and see if works.
 
Any feedback is welcome. Thx

Copying
 
time remaining: more than 1 day
 
:)

Hi. I have all my Cakewalk Content on a separate (internal) disc, so it is certainly doable. I have done this for a few years. Just make sure that your external HD is fast enough, in case you need to run a lot of the content streaming to your project direct from HD (7200rpm, and not a "green" HD would be preferable, I believe).
Others may know better with regards to what kind of external HD is preferable.
All the best.