Can't open iTunes Library

When I try to open my iTunes application I get a pop-up saying:
"The file "iTunes Library" cannot be read because it was created by a newer version on iTunes."
... But I have the newer version of iTunes (7.7.1). What's really strange is it was working fine just 8 hours ago!
Help!?

The same thing happened to me. I went to Software Update and updated iTunes to iTunes 8 and it now works fine.

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