HT2693 Itunes cannot be read because it was created by a newer version of itunes

Downloaded latest version of itunes 7 and cannot run. Screen displayed "The itunes library.itl. It cannot be read because it was created by a newer version of itunes." What is the problem and how can it be resolved?

Hey bristanley!
Here is an article that deals with this error message:
OS X Lion: iTunes opens to "created by a newer version" alert
http://support.apple.com/kb/TS3918
Take care, and thanks for visiting the Apple Support Communities.
Cheers,
Braden

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    zepel has it, but perhaps some more detail will help.
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