Error message "the file "itunes library.it" cannot be read because

it was created by a newer version of itunes."
I upgraded to laters version 7 of itunes. After installation, all the songs in my library were skipping. I uninstalled. I reinstalled vesion 6.0.5.20 and I am getting the error message above. Is there a way to convert my liberary so it can be read by version 6.0.5.20?
Thanks

I know this is an old thread, but the information in it solved my current problem (Windows Vista, upgraded to iTunes 11.2 and resulted in this same .itl error message).
So, I'm here to thank turingtest2 for his excellent instructions to fix my problem. One of tt2's many detailed instructional tips). THANK YOU TURINGTEST2!
PS I'm generally reluctant to "mess with files and such, preferring to use Windows Restore, because it just doesn't seem right to me that end users of Apple devices should have to get into the guts of files and such. Sadly, I have finally just accepted that iOS updates never work right and I either have to deal with work-around fixes or never update. Eventually we do need to update or there will be other problems. All I can say is, I'm sure glad there are folks like turingtest2 here who spend so much time helping us.

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    <Edited by Host>

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