Why do you want a wireless external drive?
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Is there a hard drive that is wireless and will only talk to one system? That makes almost no sense except for some bizarre circumstances. Are you talking about a NAS drive? One that can serve data to multiple systems at a time. It will works just fine as long as your wireless connection can handle the required bit rate for your music streams. Usually you should have no trouble unless you have a weak signal, e.g. far from access point.
I currenctly use a 1tb wired external hard drive to store my music on. My daughter has a wireless 1tb hard drive for her data and loves it. I was hoping one could be used for my laptop in lieu of the wired version. I use Itunes for my music and one less USB wire would be neat as long as no sound quality or dropouts were compromised. By the looks of the responses above it is not a common way to do things.
It must be a terminology issue. I can't find a wireless "disk" that is not NAS "network attached storage". A NAS device can handle one or more systems/connections at the same time. Using a NAS device is common and should work just fine as long as the wireless network bitrate is high enough. This is usually distance and signal strength related. Going Wireless-N would help a lot to prevent problems.