I don't think so. The songs listed in itunes are a playlist, basically a shortcut to the file that's in your library folder. If you delete the file from the LW folder it will be deleted from you system and the link in itunes won't work. Then you'll need to edit the playlist in itunes.

I'm kinda guessing cause I don't use itunes but that's how i think it works. Also files deleted from the LW library don't go to the recycle bin, but are deleted from your hdd, though this has been changed in the beta version that is out now.

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