I can't even see them doing that much. Given the limitations of all armies of the time, the most they'd do is taken and hold Vienna for maybe a half-century and then it's the first major European city retaken. The Ottomans, as Mohacs showed, were perfectly able in the 16th Century to pulverize European armies, but there's only so far they were logistically able to go when dependent on footpower, horsepower, and a relatively crude musketry and artillery system. Vienna was that "so far."
And in terms of occupying large parts of Italy.....only if they want to ruin themselves in the process the same way Justinian did before them.