Q: Original files unable to be located???

Hey ammerz15,

Exclamation points appear when iTunes is unable to locate the media file like you said, or if a purchased item hasn't completed downloading. Follow these steps to locate the missing media:

1. Resume any interrupted downloads
   Choose Store > Check for Available Downloads from the iTunes menu. Click Resume if any downloads are listed as unfinished. For more information see How to resume interrupted iTunes Store downloads.
2. Check your iTunes media folder
   For Windows 7 and Windows Vista
   1. Open Windows Explorer from the Start Menu.
   2. From the left-hand column click Music located under Favorite Links.
   3. In main window to the right, double-click iTunes.
   4. Then double-click iTunes Media.
      Note: You may need to double-click on the iTunes Music folder if the iTunes Media folder is empty.
   5. Double-click the corresponding folder for the file type you are looking for.
   6. The contents of the folder will be listed in alphabetical order. Depending on the folder, the files will be sorted by artist, author, or title. 
   7. If you weren't able to locate your lost media in the iTunes Media folder, you can check your preferences in iTunes to see if your media is located in another location. To do this, see Where is my iTunes media located?
3. Check your Trash/Recycle Bin
   Check the Trash (Mac) or the Recycle Bin (Windows). If you're able to find any of your missing items, you can re-add them back to your iTunes library.
   • Windows 7 and Windows Vista: Right-click on the item and choose Restore.
   • Windows XP: Right-click on the item and choose Restore.

4. If after restoring the item from the trash your media doesn't reappear in your iTunes library. You will need to locate the restored file in your iTunes Media folder and drag the item into your iTunes library window.

via: iTunes: Finding lost media and downloads
http://support.apple.com/kb/TS1408

Have a great day,

Delgadoh