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Can I use time capsule as an external HDD to free up memory on my comuter along with the time machine backups?

Update:10-11Source: network consolidation
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I currently am considering a WD My Book Live Home Network Drive for 189.00 but would consider a time capule if it will allow me to rid my iMac of all the pictures and videos to free up my memory and store it on the time capsule for  easy access on my 2 mac computers and apple TV.  The WD also will allow me to access my itunes library via wireless connection without going through my computer.  Please help.

The Best Answer

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The Time Capsule is for your backups.
You always want to keep "original" copies of your media on one drive, and backups on another drive. In case one drive fails....or rather I should say when...not if...a drive fails.....you still have copies on the other hard drive.
While you could move your images and media files to the Time Capsule from your Mac...and then delete the files on your Mac to free up space....you may not have considered that you have no backups if you do this.
If the Time Capsule has a problem....rather I should say....when the Time Capsule has a problem.....you lose all of your images and media. The same would apply if you use the WD drive just for images and media.
Given the investment in images, time and money for your data, only the most foolhardy of users would consider something like this.
Bottom line...you need two drives...the WD drive and a Time Capsule. They you can add the WD drive directly to your Mac and move the images and media there. Then, the Time Capsule will backup the files on your both your Mac and the WD drive.
So, you have "original" files and data on one drive and backups for that data on another drive. That's a bare minimum backup plan. Many of use use a dual backup and plan and keep an extra copy of backups offsite, in case of theft, fire or flood.