Welcome to the Lightroom Queen Forums! We're a friendly bunch, so please feel free to register and join in the conversation. If you're not familiar with forums, you'll find step by step instructions on how to post your first thread under Help at the bottom of the page. You're also welcome to download our free Lightroom Quick Start eBooks and explore our other FAQ resources.
I use a Netgear ReadyNAS NV+ 4TB (X-RAID, 4 discs) to store my photos and work with them on LR2. It shows up like my (D) and (E) discs except by its volume name: Nas-'1-b9-8d. I have had no problems thus far. I run Lightroom on my C drive, not on the NAS.
So you should be able to keep your photos on the NAS (although be aware that it can be slow, depending on the connection speed), but your catalog should be on the local hard drive.