Yes. Assuming you're asking about OneNote 2003, go to Tools | Options |
Open and Save, and double-click on "My Notebook".
Navigate to a folder on the other drive and that should set the top-level
"My Notebook" folder to this new setting. You will need to close and
restart ON to have the setting take effect. None of your existing sections
/folders/pages will be moved to this new location. You will have to do
that manually in Explorer.