Can I use my time capsule for a hard drive only?

I have a brand new Time Capsule.
Instead of backing up all of the time, can I just use the Time Capsule for my music and photos?

Music and Photos  would be fine.. but not itunes and iphoto.. the libraries are far more complex and if you load it onto the TC you will have no backups.. the TC is a backup device which has no method of backing itself up.