How can I install win2K on external USB hard drive?

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I am running win2K on my system with the NTFS file system on all internal hard drives. I have an external USB hard drive that is formatted with FAT32 that is recognized both from Win2K or if I boot to DOS. Note that if I boot to DOS the external drive comes up as hard drive C since DOS doesn't see the NTFS drives. As a backup system I use a DOS disk imaging program from Terabyte which works great but it needs a FAT disk to write the image to - it can image the NTFS disks OK - it just needs the FAT disk to write the image to. For reasons that are unimportant I often need to fix or restore my system and I was thinking it would be great if I could install win2K on the USB drive such that I could use that instance of 2K to access the NTFS drives that would otherwise be inaccessable. My question is how do I get 2K installed on the external USB drive without affecting the 2K installed on the internal drive? Is it possible to start 2K from DOS (in case I can't get the external USB drive to boot properly)? Any info wil be much appreciated.