Ask iLounge: Setting up multiple iTunes libraries on a single PC

Q: I currently have a music library working on a laptop with an external hard drive. The hard drive stores the music I enjoy on an iPod classic. I would like to start a separate library of classical music to be used on another iPod classic. Can I use the same external hard drive to store both libraries? If so, how do I separate the two libraries? Do I have to run a second copy of iTunes on the computer to accomplish this/manage the music? I appreciate…