I am having lot of content editor webparts and script files in my sharepoint site. Can I place these script files outside Sharepoint(in some cloud storage) and refer these files in Sharepoint using content editor webpart?
The file specified in the CEWP itself can be anywhere as long as the SharePoint server can access it (anonymously).
Any files referenced in that markup can be anywhere as long as the user can access it.
But remember to consider performance and security.