How to Create CD Playlists in iTunes
With a playlist, you can organize songs in your iTunes library around a particular theme or mood. The simplest way to create a new playlist is to click the + button in the bottom-left corner of the iTunes window. You can also choose File→New Playlist or press the keyboard tandem Command+N.
A new playlist with the name Untitled playlist appears in the source list. Type over that with the name of the playlist you have in mind. Then merely drag the songs from the library into the folder representing the new playlist.
If you’re adding multiple songs into the playlist, hold down the Command or Shift key to select a bunch of tracks. You can drag the whole batch over in one swoop. Or select a bunch of songs and choose File→New Playlist from Selection.
To delete a song from a playlist, highlight it and press Delete. Don’t worry; the original track remains in your library. Songs in playlists never really leave the library; the playlist merely functions as a pointer to those files. For the same reason, a particular song can show up in as many playlists as you want without consuming any additional space on your hard drive.