MediaMonkey is a smart audio tool that can help organise and manage your music collection in many different ways.

The program starts by scanning your hard drive, CDs and network system for music files (MP3, AAC (M4A), OGG, WMA, FLAC, MPC, WAV, CDA, M3U and PLS files are supported). You can then organise, browse or search your music collection by Genre, Artist, Year and more.

MediaMonkey can then automatically identify audio files that are missing tags, and correct them using many sources. So for instance it'll grab album art from Amazon, locate CD information on Freedb and CD-TEXT, find track details on Allmusic, and more.

But if you'd like more control, you can also manually set up your files with a wide range of tagging tools: MP3, OGG, WMA, APE2, WAV and more.

Once the library is properly set up, you can start to use MediaMonkey to create playlists (either manually or automatically); burn audio CDs; subscribe to podcasts; and of course play your CDs and audio files, which can be tweaked with an equalizer of hundreds of audio effect plug-ins.

And you're able to synchronise your collection with the iPod, iPhone and just about any MP3 player (check the full list of compatible devices at the MediaMonkey wiki).

The authors also produce a Gold version of MediaMonkey that adds additional features. This can handle multiple music collections, automatically organise your files, create more advanced playlists, and convert audio files from one format to another, amongst many other options. It's all yours for $39.95, and that gets you a lifetime licence - you get all future versions with no further payment. Find out more here.