You can also browse and buy from the iTunes store. While iTunes doesn't support some formats like FLAC, it's still probably the best way to organise your music.
You can easily make playlists manually, and set up automatic ones like 'recently added', that shows you what you imported over a set period of time. It's a great music library, giving you lots of ways to browse and organize your music. Firstly, iTunes lets you import and manage your music files. It's an all-in-one home for your music and video, although it's music where it really excels.