Can I delete the "Library" folder and not get screwed?

[ThickEnough]

So basically its like this. The "Library" folder is irritating me a little. I want to move everything into its own folders according to date, format, style, etc... so I can find it easier. Having everything listed in the "Library" folder is just confusing me. If I move everything into its own playlists, can I delete the "Library" folder without deleting my entire library? Or should I just ignore the "Library" folder all together, get a fresh pair of panties, and quit being a sissy about it?
Thanks in advance,
Barrett

[hotphil]

Just ignore the Library item in the source pane.

[ThickEnough]

Thanks man. I owe you a pint.