Well... it shouldn't take that long...
Ok, I would suggest double checking the path to your Shared Folder. Go to Tools and choose Options. Select Shared (or Sharing) and see what folder on your Hard Drive is being shared.
Is this the same folder that your songs/files are in? If you've been moving files around, maybe you changed the folder?
I'm just guessing. Trying a process of elimination...
I don't know much about iTunes. But there are alot of threads about it. Have you checked some of those?
If the folder is correct, we can try something else. I don't know what yet, but maybe someone will...