If you don't have the time to run out and buy your own external hard drive (or the patience to figure out how to format it) you can keep it simple sister, and back up your docs and data with Mozy. You probably have a ton of stuff floating around on your computer that would be a heartbreak to lose, and a back-breaker to retrieve. In other words, it's not cheap.
With Mozy, you don't have to worry about all that cause you can back up your data in a super-secure online storage system that is free up to 2GB, and only $5 a month for unlimited storage. Did you catch that? Unlimited. And when I say secure, I mean banks, high-profile companies, and even a few Hollywood studios use it to back up their important data. Live off of your laptop? Do yourself a favor and leave the external drive at home and back it up online.

Quai D'Orsay
Calvin Klein
Jimmy Choo
As a tech there is nothing more heartbreaking than to tell them their hard drive has failed and it is so bad that they will need DriveSavers to retrieve their data. DriveSavers is an excellent resource but it starts at like $1,800. Do yourself a favor and do SOMETHING. Also- a backup is only a backup if it is a complete second copy of your data.
1I also recommend looking at Dropbox (get-dropbox.com). You get the similar 2GB online storage space with the additional benefit of having that content automatically synced to all of your PCs (no more need for USB drives to sync data in between those machines). Mozy is limited to one device.
2I signed up for Mozy about a month ago - it's simple, I don't have to think about it, and I love the fact that they give you 2 gigs for free. I know that for a lot of people that's not a lot of space, but that's enough for my essential "I'll die if these Thanksgiving photos get lost!"-esque files.
3Another good service with almost identical rates (excepting up to 2GB free part) is http://www.backblaze.com. Two things to know: No system files (parts of the OS) or applications are backed up; & No single files over 4GB are backed up.
4I keep all my music, movies & pictures on an external HD and my documents on my MBP. I set it up so Mozy backs up only my documents. Flickr has a back up of my pictures.
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