Itunes wont open because itfile was created in a newer version?

Hi all,
I tried to download the new iphone software yesterday through itunes.
It told me it was downloading a new version plus a new safari.
It got half way through and the itunes part had a red X through it and didnt continue, instead it completed the safari one and once complete told me to restart my pc which i did.
When i logged back in it said itunes was broken and i should run the repair tool. I tried and it said it failed and that I had to install the whole of itunes again!
I went on the apple website and installed itunes for windows 7 64bit. Once this was complete i tried to open itunes and i now get a message saying that the file (or library) was created in a newer version so cannot open!??
How can this be the case when I have just downloaded the newest version from the apple website!!!?
If any can help that would be great as im left with no way to back up my phone or get the new ios5 on it!!
I have windows 7.
Thanks

I did kinda the same thing....What I was told was that because the server is getting hammered right now, the itunes didnt install correctly ( even though it looks like it did ).  The only thing to do is uninstall and reinstall until it works.  I was told it may be at least a week with all the new phones coming out today... My phone doesnt work at all now - I have to take it to a store to get it back to factory settings and when the servers slow down and I can reinstall itunes correctly, then I can get all my contacts and apps back.

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