I've read posts on this board about how people have one external drive for Time Machine and then another for media files. Is this the best way to go? I'm not all too familiar with Time Machine since this is my first Mac, so I'm not entirely sure how it works and why some people use two drives.
I think you are a bit confused (at least if I understand what you are saying).
Regarding the media files... it is common for people with large media libraries to have an external drive for media... because their media library does not fit on the laptop HDD/SDD. This is not a backup... but just a different place to keep your media when your computer has limited internal storage.
Regarding backup... a good backup strategy has a few different criteria that should be met.
1) It should be automatic... meaning no human intervention.
2) You need to protect against any single piece of media failing (ex: you HDD)
3) You should protect against natural disaster and/or theft (one backup offsite).
Time machine meets most of those criteria (except the off-site aspect)... and the interface is so slick that it is a shame not to use it. If you have a desktop, then just get a cheap USB drive (about 2X the size of your data) and connect it to the desktop permanently.
If you have a laptop... the problem with just having a direct connect USB drive is that it violates #1 above.... it is not automatic. A better solution would be a network attached drive that supports Time Machine. The easiest (not necessarily the cheapest) approach is to use a Time Capsule. Other options are available, but are probably not as bulletproof as a TC.
All of this does not solve the automatic offsite storage. There are several good cloud backup services that are very inexpensive. Some people are afraid of offsite storage because of security concerns... but I believe those fears are unfounded. It is probably the most secure part of your data storage. Unless you have no digital assets to protect... you should subscribe to a cloud backup system. Popular choices include Crashplan+, Mozy, Carbonite, Amazon S3. I have personally used Mozy and CP+.
/Jim