What do you mean with "I cannot play back any sequences"?
Are all source files are online in your project?
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My experience has always been that if I move a video clip and then open a Premiere project that the clip is used in, Premiere will ask "Where is the file" during loading and you will have an opportunity to "point" Premiere to the new file locations. This has never failed me, even on very large projects that were moved.
Look at your clips in the Bin - do they show as Offline? Try to right-click a clip and use Link Media to reconnect to file at new location
Welcome to the forum.
Along the lines of the other Replies, this article on using external HDD's might be useful: http://forums.adobe.com/message/4542396#4542396
For Media Off-Line, this article goes into more detail: http://forums.adobe.com/message/3561281#3561281
For "Where is file ____ ?" see this article: http://forums.adobe.com/message/4598705#4598705
Also, are you on a PC, or a Mac? There can be differences, such as Volume Name vs Drive Letter.