iTunes help

Good morning my fellow LGK brethren who are FAR more intelligent with matter of technology than I! I have a question. So, I was unaware how large movie and tv show files are when purchased on iTunes and I've managed to take up almost all of the 160 GB on my notebook. (I thought there was no way I could use up that much damn space, and no, none of it is porn.) Now, I have already deleted a lot of music that I never listen to and shows/movies that I don't watch, but I'd really like to keep what I have left. My question is: If I transfer the files to an external hard drive, is there some way that I can format those files to watch in another manner? Take into account that most computer related functions are to me as hockey is to Ducks fans... I don't get it. So please dumb it down and thank you greatly in advance for any help.

Did you purchase the content on iTunes or did you burn, download, etc. from another source?

What do you mean watch it in another manner?
Posted via Mobile Device

Purchased on iTunes.

I mean, can I then burn it to a disc? Can I reformat it to play in Windows Media Player? Quick Time? I figure, I paid for it, I should be able to hold onto it and view it even if it's not in iTunes. I'm fairly certain that crApple doesn't feel the same though.