Can I move my iTunes library to a network drive?
You certainly can.

In iTunes, you can choose where your music library is stored: 

ITunes-&gt;Preferences-&gt;Advanced-&gt;ITunes...location


If you want multiple iTunes accessing the library, it can get complicated. If other music players just use the folder structure, it should just work.

Extra scripts and config options can be set up so that iTunes uses a small local library if the network drive is not mounted, etc.