Logicman,
Depending of how many typefaces you are putting onto your system, you may want to look into a font managing software, with about 100-150 and up, I would recommend suitcase 10.2 it is what I am using right now and I am currently sitting at around 2500 faces not including OpenType and System fonts.
To add to Kenny's reply, the "~/library/fonts" will only add the fonts to your login, but if you have multiple users or want a system wide font installation, you can use the "library/fonts" located on you boot drive. Any fonts in there will load with any ser that boots up from thet drive.
<<<<DO NOT TOUCH THE "SYSTEM/LIBRARY/FONTS"!!!!!!!!>>>>