Location of Documents and Settings

Hi all
Is it sensible and practical to relocate Documents and Setting from the C
drive to another location in the data rather than software part of my
system. I would like the whole thing to become distinct from the various
software builds that I employ in several machines and and to be either
portable or better still shareable on a NAS device
If so I would be grateeful to be pointers on how to do it
Roger Stenson