Adding a second household iMac under my owner name and iTunes account?

We have 2 iMac's in the house. To simplify things, I added all the household iphones and ipads and ipods of the family only to my imac machine, and only under my itunes account.
So when ever the family wants to add apps, movies, anything in itunes, I use my only imac to do this since all itunes purchaes are only under my one itunes account. All our household-family i-Devices are registered under my itunes account, so that everything I purchased can be easily added or shared between any one of the household i-devices.
But.... on our second household imac, that iMac was originally registered under one of the kids name. They do not use itunes on their iMac (the second machine).
If they want music or movies, or apps added to their iphone, we plug that into my imac only so everything can be shared via only my itunes account (remember, all the iphones and ipads are registered to my itunes account only).
So they never plug their i-Devices into the second household imac, only mine.
Soooo.... I was wondering if I factory-restore the second household imac, fire it up, and re-register that second Imac under my name and itunes acct, would this make it possible to also share all of my itunes purchases (mirror) onto that second iMac in the house?
So in that way, they could use the second iMac and itunes mirrored on the second machine (having re-registered to my account) to load itunes stuff onto their i-Devices?
In other words, if a person had two imacs that they owned, both registered to one owner, then signed into itunes on both machines with only their itunes account info, would that extend the itunes stuff in iMac #1 to iMac #2?
Like having two or more iPhones under one itunes account (for sharing purchases), does this method also work for two (or more) iMacs as if both were owned by one person.
I know.... there are probably other ways to share itunes purchases between machines and different accounts, but I hoped to keep it simple. Just have both imacs under my name, my one itunes account. Wouldn't that be fairly easy?
When we added the other iPads and iPhones under my machine, under my itunes account, that method has worked great for sharing.
So if someone wants songs. movies, whatever purchased under my itunes account, added to their i-Device, they just bring it to me and tell me what they want as far as music/apps/movies, and I easily add it to their i-Device. No pain, no sweat.
I just wanted to "also" add that ability to a second imac in the house. And thought to do so, I could just factroy-restore that second imac, and re-register it under my name only, both machine now under one owner. Then fire up itunes and sign into my itunes account on the second machine.
PS. factory restoring this second iMac is not an issue since about the only thing we would have to save off and transfer are their safari bookmarks.
Oh.... And since my iMac has been updated to Lion via the app store, could a second machine registered under my name also share that same app store Lion upgrade? Or is Lion one upgrade per machine, per the same owner? Not installable on two machines, under that same owner?
(Buying Lion a second time is no big beal, however)
But mainly, my question is with re-registering that second iMac under my name, as with the first imac.
Or think of it as if I were to buy someones used iMac, and add it to my ownership.
Can iTunes then be shared or mirrored between two iMac's? One owner?

I guess my issue then is just with itunes...
I was looking at the solution the long way around originally, I guess.
I read somewhere that one could have 5 computers (iMac's in my case) under one itunes account.
But the i-Devices can only be linked or synced to one computer.
Sounds fair.
So... on this second iMac, how can I mirror my itunes media to that second machine?
The easiest way.
Can that be done?
So my itunes media can be accessed on both iMac's?
That second iMac can be apple-registered to the other family member, and still can be setup to acces "my" itunes media?
BTW.... I do have my itunes media-purchases on an external hard drive already. Always have done it that way.
I was hoping I could "share" that itunes media drive between the two machines. My itunes account.
So no matter what computer a device (iphone) is synced to, the same "itunes" media will be available for syncing,
mirrored, between the two computers?

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