If you downgrade your iTunes, you may get this message when you start the program ITunes Library.itl cannot be read because it was created by a newer version of iTunes.
to fix this:
1- Open My-documents in winxp
or Libraries in windows 7.
2- Open My Music in winxp
or Music in windows 7.
3- Open iTunes folder.
4- Rename iTunes Library.itl file to any other name or to iTunes Library.itl.old.
5- Open Previous iTunes Libraries folder .
6- Copy the newest file or any file you like. it will looks something like iTunes Library 2010-09-06.itl
7- Go back to iTunes folder and paste the copied file.
8- Rename it from iTunes Library 2010-09-06.itl to iTunes Library.itl

I’ve tried this now five or six times on Vista without success and am still without itunes. Everything worked fine until the 10.5 upgrade and basically I’ve been battling this and other problems it’s thrown up ever since…wish I never bothered. Trying to downgrade back to 9.2.1 but keeps throwing above error message at me . I’ve followed the above to the letter but the ‘Can’t open…’ message appears everytime I try even to open the folders in itunes file…..Please can you help.
im not sure but maybe all your iTunes Library files are built on new version?
How would I know and what would be my next step?
add me on gmail