How do I import a '.m3u' playlist on my iTunes?

I have a playlist (.m3u file) that I want to be an iTunes playlist. Is there any way to do this?

I've found that importing m3u playlists in to iTunes works best if the tracks in the playlist have an absolute path rather than a relative path, eg /Users/MyUserName/Music/AlbumName/TrackName.mp3 rather than just AlbumName/TrackName.mp3. m3u files are just text files so you could just do a search and replace in a text editor.

First, let me be clear that this is something I figured out on Windows 7, specifically for getting a Winamp generated M3U file into iTunes. I have a weird setup where I have iTunes and Winamp sharing the same music files. Some of this lesson may be applicable for other situations. The key is to look at the format of an exported m3u from iTunes and then to mimic it.

My problem was this; if I dragged a Winamp generated M3U into iTunes, a blank playlist was generated. Bummer. None of the answers in this thread so far worked, or perhaps applied to me. I even had trouble installing M3U2iTunes successfully.

So, I exported an M3U list from iTunes v10.5.3.3 (again...in Windows) to see what iTunes thought a correctly formatted M3U should look like and compared it with a Winamp5.6 generated M3U file. There was one difference.

A typical path to a song in the Winamp M3U looked like this:

#EXTINF:154,Slim Harpo - Rainin' in My Heart
\Users\Username\Music\Slim Harpo\Slim Harpo - Rainin' in My Heart.mp3

While the same one in iTunes looked like this:

#EXTINF:154,Rainin' in My Heart - Slim Harpo
C:\Users\family\Music\Slim Harpo\Slim Harpo - Rainin' in My Heart.mp3

All I needed to do was to do a search and replace in a text editor on my Winamp list, and add the full "c:" before each file path. I saved the play list, dragged it into iTunes and it worked perfectly.