"The file iTunes Library.itl cannot be read" please help!

i uploaded the new itunes and restarted my computer but now i can't open itunes at all, whenever i try and open it, it says 'The file "iTunes Library.itl" cannot be read because it was created by a newer version of iTunes.' what does this mean and how can i open itunes without losing all my music? please help!

the ITL file didn't get converted to v8 properly.
Try these directions
http://support.apple.com/kb/TS1967

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