Amazon - install a complete server on EBS

view story

http://serverfault.com – is it possible to install a full working OS with a webserver, db, and all needed stuff on an EBS storage? If so, would I immediatly gain benefits by mounting this EBS on a better instance? Otherwise (if I cannot install a complete image, or if you don't think it's reasonable) can I install the software so that I only need to mount the EBS on a new instance to have it working? I purchased a Medium Reserved Instance, but when there will be the need to get a better instance I'd like to move the whole db/website, I'd simply buy a better instance and then attach the EBS. Is it possibile? I'm ima (HowTos)