Is it possible to change iTunes default library location?

in iPod + iTunes + AppleTV edited January 2014
I have iTunes installed on my Vista PC at work, the My Documents folder is on a network location. I installed an external 80GB hard drive to hold my iTunes music and library. Whenever I launch iTunes, it saves library & artwork info in the My Documents\\My Music folder on the network. Is there a way to force it to save these information somewhere on my external HD? Right now, the library and artwork info is over 120MB in size and I have space limitations on my network directory. I already changed the iTunes music folder in the Advanced Preference menu. If I remove Write rights to the \\My Music folder on the network, I get this error when launching iTunes "The folder 'iTunes' cannot be found or created, and it required. The default location for this folder is inside the "My Music" folder. Any suggestions will be greatly appreciated
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