External Hard Drive Question

I’ve been thinking that a good way to make my laptop dual boot without messing with the current Windows installation would be to install a Linux distro on an external USB drive. Two questions:

Are there any problems with this (assuming that I can boot off a USB port) and are there any external drives that get their power from the USB port (so I don’t have to find a power socket to use it)?

[Update a few minutes later]

OK, the search word I was missing was “portable.” There do seem to be some available that run off the USB port.

[Update a couple minutes later]

It seems to me that the cool thing about this is that you could boot from anyone’s computer into your own system, as long as the machine was bootable from USB.