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Yep, I have one for TV Shows and one for Movies. I would make sure you get a powered USB hub to be safe though
 
Yes, you can use a hub.
You might want to check patchstick.ca -they offer a better solution (more features) for a lower price and also have a free base version.
 
I modded mine from an eSATA Lacie external 2TB drive. Could not be happier with the speed of access in playing and the storage size.
 
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