Can I use my 1TB Time Capsule as my external HD AND have it do backups with Time Machine?

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I want to be able to utilize my Time Capsule as my external HD because I have 150GB of photos and music to offload but it's unclear to me how to do this - it seems that some say that it can only either do Time Machine backups (that eventually would delete what I want to keep forever) or strictly as an EHD.  I currently use it as a router and for my backups.
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Replay

Not a good idea to use it for both.  See #Q3 in Using Time Machine with a Time Capsule.