This is how to quickly remove all dead tracks from iTunes:
- Make a static playlist called “All Live Files” and drag your entire library into it. Be sure you ‘DRAG‘ not ‘copy’ your files.
- Make a smart playlist called “Missing Files” with the rules set as ‘Playlist’ ‘is’ ‘Music’ and another rule set as ‘Playlist’ ‘is not’ ‘All Live Files’.
- The broken songs will not transfer and “Missing Files” will contain all those broken songs.
- Delete the songs in the Missing Files folder: Windows: SHIFT + DEL Mac: OPTION + DEL
Source and thanks to: http://paulmayne.org/blog/2007/11/how-to-remove-broken-or-dead-tracks-from-itunes/