The file "i Tunes Library.itl" cannot be read because it was created by a newer version of iTunes. Help please?

Since yesterday I have been trying to get my iTunes to allow me to sync my iPhone with it to get the latest update. However, once I finally managed to download it iTunes would now allow for it to sync, telling me I needed the 64 bit iTunes which I already had and had downloaded at least 4 times trying to get it to work.
I followed someone elses advice and uninstalled all apple products and went to reinstall it and now I am getting the following message.
The file "i Tunes Library.itl" cannot be read because it was created by a newer version of iTunes.
Does anyone know how to fix this problem? And possibly even my other problem with the inability to sync my iPhone with iTunes?
Thank you.

no one?

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