Use TimeCapsule as iTunes library location?

I successfully copied the entirety of my iTunes folder (and all subfolders) to the TimeCapsule device, and I can connect to it and listen to music stored on it, but how do I make my ENTIRE iTunes library based out of the TimeCapsule? I changed the location of the media folder under preferences, so that's taken care of. But I want to be able to delete a good portion of music from my Mac HD without having to re-add it. How do I set it up so that my iTunes reads the files located on the TimeCapsule rather than on my computer's HD?