Important Note:

As iTunes is constantly being updated the steps below may not be current so please proceed with caution.

  1. Open iTunes on your current PC
  2. Click on Advanced and then 'Consolidate Library'
  3. Close iTunes
  4. Copy the iTunes folder to a Server or USB drive
  5. Go to the new PC
  6. Install iTunes
  7. Remove the iTunes folder
  8. Copy the iTunes folder from step 4
  9. Open iTunes

The following CNET video is very useful.