Because of warning I received for my iTunes (it would not start up) MSVCR80dill missing, if I remove the program and reinstall will I lose the music I already had and purchased?

I am somewhat computer illiterate but I have a question. I have had iTunes for several years and never had a problem. I occassionally get prompts to update and those only take about a minute and they're done. Last week, the download could not complete even after I had tried 2 or 3 times. I just let it go thinking I would try again when I had more time. Yesterday I tried to access iTunes on my Windows 7 and got a message, " could not start iTunes, MSVCR80 dill is missing. Please reload iTunes to fix the problem. I tried several times but I continue to get the same message without iTunes coming up. I talked to a computer geek today who told me I should go to my control panel and uninstall iTunes and reinstall it. My question. I have placed many albums of music and purchased many songs from the iTunes shop which I am concerned will go missing or deleted if I uninstall and reinstall. Will I lose my library if I do this? What precautions can I take to make sure everything comes back as it was?