iTunes 12.1 freezing upon launch due to "determining audio volume"

My (Late 2011) MBP running Yosemite is freezing when I launch iTunes. It is 12.1, the latest version. Upon launch, it says "Determining Audio Volume" and is on the first of my several thousand songs. The spinning wheel eventually pops up and I am forced to forced shut-down my mac by holding the power button. I can't delete iTunes as it is "required by the OS" and I can't open it and go to the preferences to uncheck "soundcheck" because it freezes the entire mac upon launch.

Anyone experiencing the same issue or know what might fix it?

Thanks