No as far as i know it's not, and even if it where it would probably be a bad idea.
Just install it to your local HD. The only reason i could see for running it of an external drive is to swap the copy of Maya about amongst several machines which violates the license and also wont work.
Dave 
From a readers' Q and A column in TV GUIDE: "If we get involved in a nuclear war, would the electromagnetic pulses from exploding bombs damage my videotapes?"