The songs are still in your comp. Because you aren't sharing them in LW though, they don't show up in the Library. You either have to share them again (the playlist is gone because it can't find any songs to play) or play them from another player (like iTunes, for example)

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iMac G4 OSX 10.3.9
RAM 256MB
LW 4.10.5 Basic
ADSL anything from 3 to 8Mbps/around 1024kbps

"Raise your can of Beer on high
And seal your fate forever
Our best years have passed us by
The Golden Age Of Leather"
-Blue Öyster Cult-