Hardware :: Multiples Macs Accessing Music + Photos On A NAS?

My household has an iMac G5 that acts as a media hub and its getting slow. Instead of getting a new iMac to act as a media hub, I was considering buying a new Macbook and a 24" Cinema Display for so everyone with a Mac laptop in my household could have access to a big screen if they want it.

The issue is that the G5 iMac contains all of our media under separate user accounts. We stream this media all over the house and synch it with iPods, iPhones and an Apple TV. So is it possible to attach a large hard drive to the Airport Extreme and use it as a media server with multiple people accessing it from their laptops or will this multi-user situation turn into a user account nightmare? We all keep separate iPhoto and iTunes libraries so combining them into one is not really an option.Or would it be simpler to just use the laptops as adjunct machines and do all our file management (and Time Machine Backups) from a central iMac?