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My idea was to get an External Hard Drive and keep most my files (music, pictures) there, and keep all the programs (Photoshop, Freehand) on the Mac HD. My hope is that my computer would run smoother (less 'colored wheel of death'). Will this work? If so, are there any EHD's that are better...

Are there external hard drives that can use the PCI slot? If not, what is it used for?