Open Terminal then copy and paste the following:
defaults write com.apple.systempreferences TMShowUnsupportedNetworkVolumes 1
Now hit return, close Terminal and mount your shared volume.
Opening Time Machine now allows you to select the shared volume as a backup location.
This is clearly an unsupported feature (probably because Apple wants you to buy Time Capsule instead!). It seems to behave exactly as OS X Server does in terms of hosting backups when you do it. Unlike the normal Time Machine backup on a local volume, this will create a sparse disk image on the host machine, which mounts all by itself whenever Time Machine starts backing up - you do not need to have the disk you selected as the backup mounted for Time Machine to do its thing. Obviously, if you are not on your home network the backups will fail, but they will start again as soon as you are connected to it.
I've only tested this on AFP shares. I can't be sure it will work with Windows shares. If it does the share will need to be an NTFS volume, not FAT32.
Des
The original 32 bit junkie now snorting pure 64. BT Yeehaw! 8 Mbit BT Homehub2, Wired, Wireless, VoIP, 2 Macs, 2.5 Hackintoshes, 3.5 PCs, OS X, Win XP, MCE, Vista, Ubuntu.
Rehab is for quitters
The original 32 bit junkie now snorting pure 64. BT Yeehaw! 8 Mbit BT Homehub2, Wired, Wireless, VoIP, 2 Macs, 2.5 Hackintoshes, 3.5 PCs, OS X, Win XP, MCE, Vista, Ubuntu.
Rehab is for quitters



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Desmond