Okay guys... I will lay this out so you can understand. What you need to know: I have an iMac and all of my music is on it in lossless format. I also just purchased an external harddrive. What I want to do: I want all of my lossless files on the external hard drive (for archival purposes... please no format wars!) in one library. I want all of those same files in AAC on my iMac in another library. What I am going to do: I want to keep all of my music in lossless on the external and use the AAC on my iMac for our iPhones. Help? Haha. EDIT: Just fyi, I've done lots of searching, but have found no definitive answer or step-by-step process in doing all of this.