Applications and preferences on USB drive Is it possible to have applications, plugins and preferences installed on portable media such as USB drive?

I have two identical computers, one at work and one at home, and I'd like to have the exact same setup on both. Example on applications I use:

Firefox (with extensions)
Sublime Text
Linux programs in Terminal
uTorrent
Alfred
Applications (i.e. .app bundles) can be stored anywhere, including external media. Preferences is more complicated, although the simple solution is probably to symlink the preference files and container to the external media.