Music server/Windows Media Center PC--possible?

OK let's dive right in, is this possible:

Set up a Windows 7 computer to store and backup all media files. Use this server to share music for iTunes running on multiple computers with either OS X or Windows.

At the same time, use this computer to run Windows Media Center. Most audio files are in Apple Lossless codec.

The problems I keep running into are that Media Player REALLY wants files to be on a Windows-formatted NTFS drive. Will macs be able to run iTunes off of an NTFS? It's also either hard or impossible to get Media Center to play ALAC files.

Also, will I have issues with having the same iTunes library accessed by multiple computers?

Gosh this kind of thing should be easy by now! It's 2010!