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So the question is is it possible to install linux on an external HDD?
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Yes, lots of people have done it. Keep in mind, where ever you decide to install a linux system, you will need a boot loader, and its placement can cause problems for other OS's.
The most common place to put it is the master boot record of the first disk. There are two boot loaders commonly used in linux, lilo and grub. I would recommend you use grub, it is the newer one, and is more flexible. You need to do some research, and understand the effect of putting a boot loader on the mbr on all installed OS's.
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or partition a HD in a new computer, say 60GB for linux and the rest for Windows or OSX. Please advise.
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Yes this will work also. Install any winbloze systems first. Don't invest time in winbloze until you do your linux install. As stated above, you need a boot loader. Some of the distros will detect a windoze install, let you write grub to the mbr, and update the mbr so you have an entry for any other system installed.
Just so you understand, the bios sends the heads on your hard drive to read the mbr. On a windoze system it would find a record to send the heads to start loading windoze system files. With grub on the mbr, grub will give you a menu to select which OS you want to boot. You make a selection, and the heads are sent to the appropriate partition for that OS.