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Another option might be the Portable version of Calibre. This is the way I've been using so I can share my library on all my computers. I don't actually use it on a jumpdrive but it can be installed to a shared/network drive.
I actually have it in a shared Skydrive (M$ version of Dropbox) folder so any changes on any computer are synced to all my others. For a huge library that part might not be ideal but I thought I'd share it as another option.
The nice thing about the portable installation is that the actual application, config files, library etc are all self contained in one place making it far easier to share.
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