Hi jim_mal,
From the information you've provided, it would appear that you are attempting to import an iTunes Library file that was created on a different machine or different version of iTunes which has a higher release version than what you presently are using.
If that is the case there would be 2 viable options. One would be to update your current version of iTunes to match or exceed the version that library file was produced in. Per Move your iTunes library to another computer "If you’re restoring an iTunes library from a different computer, make sure your new computer has the latest version of iTunes."
The other would be to create a new library file on the current installation. Note that if you do not have the supporting iTunes folders with the media files associated with the library file you're attempting to use, this would be the better option and then adding your existing media files to iTunes. See Import media from a computer to iTunes on PC for how to do that.
Regards.