Exit out of itunes completely. Go to the folder where the file is stored, and then try deleting it.
Thanks for the speedy reply. I removed it from the file and reopened iTunes. There it it was trying to reload again. The difference this time was the load was successful; I could play it through to the end and then delete it. Success. You helped me tremendously. Glad I don't have to reinstall iTunes and all the other associated programs.