Essentially, yes, but I don’t know how well that would work for storing something like music online. A 40GB+ online solution will not only be expensive, but also a little dangerous. Online backups are not the most secure or reliable things in the world, and while I have had good luck with them, I don’t know how most sites would handle 40GB of music. I would also caution against this because i’m not sure if iTunes could even handle and online music library. But I could be wrong there. My advice is to get a wireless external HD (such as a time capsule) and place it in your house for your music. It would be a lot more reliable, and also a bit more secure with your music. It should also stream your music faster.