External hard drive as a vault for PDM

hello all, i am wanting to install Workgroup PDM, but our server computer is 10 years old and way overloaded, im pretty sure the company does not have plans to replace anything computer related any time soon. is it possibe to use an external hard drive as a vault location? it would be linked to 2 computers that run SW 2010. any help would be great thanks.

SolidworksWorkgroup Pdm