Buying a new iMac - can you use an external SSD drive as boot drive?

Here is the question: Can you attach an external SSD and use that as your boot drive accompanying an iMac? This way all the Apple warranties stay valid but I am not saddled with the expense of the Apple installed SSD price?
Now for some background ...
I am looking to buy a new iMac replacing my loved but woefully underpowered Mac Mini. In a perfect world I would like the following set-up based on how today's iMacs can be configured:
Processor: 3.4GHz Quad-Core Intel Core i7
Memory: 16GB 1333MHz DDR3 SDRAM - 4x4GB
Hard Drive: 1TB Serial ATA Drive + 256GB Solid State Drive
Graphics: AMD Radeon HD 6970M 2GB GDDR5
Optical Drive: 8x double-layer SuperDrive
The problem is I'd rather not spend $3200+. I would imagine most people plug something similar in and then begin to ID must vs. nice to haves. So, here are my must haves:
Memory: Minimum 16GB 1333MHz DDR3 SDRAM - 4x4GB (I was thinking of starting with minimum and then purchase the right RAM and installing myself)
Graphics: AMD Radeon HD 1GB
Hard Drive: 256GB Solid State Drive
I like to work the graphics side and have a media library of almost 1TB (uploading, downloading, converting, editing, etc.). With my existing setup I have 3+TB of external storage but again, am suffering massively in the horsepower department as it takes hours for me to do what I believe a new iMac can help me accomplish in a fraction of that time. This is not my profession so while I looked at the towers I still need this computer to serve as a family computer as well. Appreciate your thoughts and feedback.
Cheers,
-Jim

Ok this is great as we are progressing through. 
So yes it can be done but there's the caveat of the "pipes" once you go external.  The only option for an external SSD Drive with thunderbolt that I know of is LaCie's 240 GB version ... Priced at $800.
I think what I will need to do is suck it up.  The new MacBooks have the core technology I'd like but we really want the larger screen.
Last question - should I wait/when might we expect an updated line of iMacs? In a few months or not for a while? That answer may provide some direction if it is anticipated to be sooner vs later.
Thank you!

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