What to place in shared music folder, itunes, or complete music library?

I’m new to this world book edition thing.  And I’m up and running now.  Just need to know what to pelace in my shared bmusic folder.  My complete music library from windows media player, or do I just drop my itunes folder there that has most of my favorites in there?  Will itunes be able to read the music if it’s not converted to itunes format yet?  Other rthan