Yeah...that and my super-colossol trading account with my high dollar brand spanking new trade-modified supercomputer! * EDIT: My high dollar brand spanking new trade-modified supercomputer sure didn't keep the ES from blowing through my stop. Bitch!
Yes its quite possible (as long as the apps in quesiton allow you to chose where they get installed). Be sure to chose a USB drive that is fast, they do vary (look at the read and write specs in MB/sec) The next version of Windows (Vista) will automatically take advantage of any attached flash drives for performance reasons since a solid state drive is usually going to be faster then a traditional hard drive: http://www.everythingusb.com/windows_vista.html