Basic Foobar Question

My cd collection is saved in lossless format on my PC's HD in iTunes. It's sent wirelessly downstairs to a Zardoz (modded Airport Express) that's wired to my pre. Based on the positive comments regarding Foobar, I now want to make the move to using Foobar in lieu of iTunes. Is it just a simple matter of moving my music files from iTunes to Foobar? Will I lose the current tags? And if I add a cd in the future, does Foobar pull in the tag info like iTunes, or will I have to type in the all the info? Is it possible to retain iTunes thereby having 2 music libraries -one to play my music via Foobar on my high end system and a second library in iTunes that will retain my wife's music that she likes to have on her iPod?