Software :: Missing ITunes Mp3 Files

Recently my iMac power source died & after figuring that it wasn't worth my while replacing it (upgrading the machine was a better option) I removed the hard drive with the intention of retrieving all my iTunes mp3 files (over 160 gb worth). Upon trying to locate them I found that the iTunes music folder was now completely empty, & the hard drive was only holding 98 gb worth of data. A search of the net has thrown up all sorts of information pertaining to some sort of spyware built into iTunes that 'manages' your music. However, it sounds as much like speculation as fact so I thought I'd pose the question over here before I start ripping my CDs again, which is something I really want to avoid doing.