Using MediaMonkey with a shared music folder hosted on one machine...

I was all set to explain how I use MediaMonkey on a variety of different machines on a LogMeIn Hamachi VPN to access a common shared music folder on my home machine, and then I thought I should check first to see if anyone has already posted something to explain it, and sure enough, someone had...

http://tipsfor.us/2009/03/20/share-and-sync-your-music-library-with-mediamonkey/

That post does a nice job of walking through all the steps needed to configure MediaMonkey on a variety of machines that are all on the same network.