You can manage your downloaded and shared files inside the 'My Media' folders. Summary of options:

Play/View/Use Files
Double click on a file to activate it.

Add Files to Playlists
Create your own compilations of audio and video files by dragging files into playlist folders.

Categorize Files
Put your files into organized groups by dragging them into the relevant folders, or right mouse click and edit details to ensure the descriptive data is accurate.

Rate Files
Give each file an integrity rating based on its technical quality and the accuracy of its descriptive data.

Find More Files
Search for similar files from the same artist, album or user by right mouse clicking and selecting 'Find More From Same'.