How to? Multiple Subdomain Blogs on One Host use One Plugin Directory

Just wondering if this is possible to do. I have multiple blogs in sub domains on my local host. They all use the same plugins. I would like to move all the plugins to one directory in another sub domain, so all the blogs feed from one folder.

It’s a pain having to install the same plugin over and over for each blog, and it takes a lot of room on my server. Has anyone done this before, and could this be done?

Thanks in advance.