Possibility of two iTunes librarys on one Computer?

in iPod + iTunes + AppleTV edited January 2014

my iTunes Library is stored on an external HD, because I don't have enough space on my Powerbook.

When travelling I don't want to carry my external HD around, but want to have some of my songs with me.

Is there a way to tell iTunes to check if the external HD is connected and if not to access a second library on the Powerbooks HD?
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