[Roy Dennis]

It is possible but will only work if all directories are identical with previous computer. For example, if you had all your previous songs in a particular folder on a Drive "E" then it must follow the same path on the new Computer, if the external drive is not named with the same volume letter it will not work. You can try it by copying the C/MTU/Hoster/ Songs.mbd from the old computer to the same directory on your new computer.
Now having told you this I still think it would be better to just use the Tools Tab/Songs Database/Build Database. I am presuming with these instructions that you are using version 5.01.
Press the Add Folder button and navigate to the drive and folder or folders containing your .Kma and .kmh files make sure you can see all the files your trying to import in the window and press select.
It will then build the database on your new computer exactly as it was on your old computer with each file you add.
If your songs were previously in various folders be sure to add all the folders.
Why I think this is better than copying your Songs.mbd is it builds all the other little text memory files into the system and prevent other problems that could appear later if you where adding extra songs or editing.