Absolutely. I use a USB flash drive as my "memory card," so to speak, to play games at my brother's. Any type of external drive will work though. Simply copy the files you want by pressing Triangle and clicking Copy. It should ask you where you want to store it, and just select your flash drive.
If you get stuck, let me know.
EDIT: I should warn you though. Some companies don't allow their save data to be copied, which sucks. Rock Band is one example.
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