WMP10 can actually do all of this for you. In WMP, click on the Library 'tab' at the top, and then on the bottom click "add to library" followed by your option. Once added to your library all music that's properly tagged will be organized in the playlists album artist, album, genre, rating, etc. You can play music from here at any time.
Another option of selecting music to play once loaded into your library is by using the Quick Access panel, which is the little arrow to the right of the "Now Playing" 'tab.' From there you can select artist, genre, and album, as well as custom playlists, such as evening music, not recently played, etc, most of which is created automatically. Personally, I feel it's even better than iTunes once you get used to it.
I guess Ive been spoiled by iTunes, but I still cant find an easy way to organize playlistson WMP 10 by track name, artist, or anything else! If anyone knows how to please tell me and thanks in advance