How can I configure Windows Media Player to manage my music library?

Surprisingly, its about as easy to do in Windows Media Player as it is in iTunes. Here is a link to an article for vista, and while some of the menu options differ, the steps are all the same:

http://www.quepublishing.com/articles/article.aspx?p=688534&seqNum=4

In the instructions where it says "the arrow below the library tab", just click the "Organize" button. The rest follows pretty closely.

Here is a digest:

1. click "Organize", then "Options"
2. On the library tab be sure to check "Rename music files using rip music settings" and "Rearrange music in rip music folder, using rip music settings". These settings will allow windows media player to organize the music in the folder you select on the "Rip Music" tab, so make sure this is the parent folder of all your music.
3. Click "Apply" and "OK"
4. click "Organize", then click "Apply media information changes".

Your library will be updated and all songs that you had added to the library that we not located in your music folder (the one specified in the "Rip Music" tab) will be moved, renamed, etc.