Time capsule question

[corsabrin]

Hello, I am looking at buying a new mac mini but I need more storage space to hold my media files. I was looking at buying the 500GB time capsule for this need. My question is, can I use this drive to hold my meida and have time machine back up the mini's HD and the media on the time capsule? I assume I would have to make at least two partitions, one for time machine and the other to hold the media files. Is this possible?

Thanks!