I found one of the Seagate FreeAgent Go external hard drives for a good price at Wal-Mart (250GB = $55) I decided to get it so I can put a bunch of my files, documents and music on it along with some game installs.
The one game I tried on it was FEAR 2 so far. It is installed on the FreeAgent Go and it can run on any computer that I plug my drive into I don't have to install it on anybody's computer! Anyways, I ran the game and it runs great. Loading times are a little long but you can not tell that I was playing on an external once it loaded because it ran so well. Mind you, the spindle speed is 5400 RPM but the performance is great so if you ever want to get an external to install games on, go for it because it works really well.