You won't be able to do that as when you run Windows Setup to install Windows it won't show any external storage for you to choose as a target for the installation, only internal drives will be shown.
And even if it were possible, Windows would take forever to start and would run ridiculously slow - - you would very soon get frustrated and annoyed trying to use it like that.
That's why external drives aren't shown for a Windows install - - to stop you choosing a drive that's not suitable for it.