Rebuilding the library is described here:
http://docs.info.apple.com/article.html?artnum=93313
Frustrating that the process blows away the "date added" info, since the XML file
has that information (as well as other info that's not exposed by iTunes).
Recreating the Library also copied tracks which weren't located in my currently selected Library into the Library... which I'm wondering if was a reason for the error -50. I would point to different folders to use as a Library before ripping some CDs and then switch back to my "main" one.
Pointing to multiple Library folders like this had gotten more and more problematic since around version 4 or so. I think iTunes 7.3 is going to be the one that forces me into everything-in-one-bucket file management.