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In my iTunes I have stored for all my media. The iTunes is available on Macbook Pro with OS X Lion. The iTunes media is stored external USB HDD formatted as FAT 32. I have split some video files which were larger than 4GB. After split, I converted them to mp4 so that I can play them both in iTunes and from the system HDD. But is there any possible way to keep the files separately and link them together to play as full movie on iTunes/apple tv.
I think that you have to reformat the drive to Mac OS Extended Journaled. This format only allows you to store large files without limitations. If you are sharing the drive, then only format the drive with FAT-32 format. Otherwise there is no reason of formatting. As far I know that FAT-32 is a non journaled file system.
If you are using the Quicktime player, you may save files as a reference movie and then you can play in iTunes whenever you want. But some reason, the iTunes may not be able to play reference movie. I hav tried with the latest version of iTunes but no success.