Rick is correct . You cannot boot an OS from an EXTERNAL drive. Period.
Depends how you define an external drive. If some REMOVABLE BOOT drive
that can be slid in and out of a drawer/cage and you set BIOS to seek
accordingly there's no reason you can't have any number of different
OS's each on their own removable hard drive to boot from. So if you
wanted you could have a small drive to slip in and out of a system
configured to be X, Y or Z OS and as far as the computer knew it would
only be aware of the drive currently in the system.
You can not presently have a system with OS X installed on boot drive
(C) then have OS Y on an external drive part of the same system and
boot to Drive X (some connected external drive) since INT 13h wouldn't
be present on the external drive X IF is was part of a larger system
expecting to be booted from C. However in the first case INT 13h IS
present relative to whatever OS is getting booted since as far as the
BIOS is concerned it only "sees" the one drive currently in the drawer
and will effortlessly boot from it all other things being equal.
Something for the future:
http://www.microsoft.com/whdc/device/storage/usb-boot.mspx