You could very easily do so with iTunes, select all your music, then under advanced choose convert to (whatever you like AAC,MP3) it will make a copy of everything selected as the other format. The problem is how to independently manage them. Their is a MAC plug in to allow you to run multiple libraries from one user account, but I do not know if anyone has make such a plug in for PC's. The other option is to make a second user account and then have iTunes sort all your library by type and cut and paste all the compressed files into another user's music folder and they 'load' then into iTunes by dragging the file into the library.
DO understand you are looking at a lot of processor work, and HD access time.... I would start the comression before going to bed, or out of town.... I have no idea how long it will take to compress and store that much data, but I will need to do the same thing soon....
I am currently re-burning all my and my wifes CD's in AIFF on a seperate user account titled 'Music Server' and then just let the wife and I share that users account, both of our own libraries are compressed.
DO understand you are looking at a lot of processor work, and HD access time.... I would start the comression before going to bed, or out of town.... I have no idea how long it will take to compress and store that much data, but I will need to do the same thing soon....
I am currently re-burning all my and my wifes CD's in AIFF on a seperate user account titled 'Music Server' and then just let the wife and I share that users account, both of our own libraries are compressed.