Music server/Windows Media Center PC--possible?

OK let's dive right in, is this possible:

Set up a Windows 7 computer to store and backup all media files. Use this server to share music for iTunes running on multiple computers with either OS X or Windows.

At the same time, use this computer to run Windows Media Center. Most audio files are in Apple Lossless codec.

The problems I keep running into are that Media Player REALLY wants files to be on a Windows-formatted NTFS drive. Will macs be able to run iTunes off of an NTFS? It's also either hard or impossible to get Media Center to play ALAC files.

Also, will I have issues with having the same iTunes library accessed by multiple computers?

Gosh this kind of thing should be easy by now! It's 2010!
It is easy if you stick to one platform. The fact that you want to use windows and MAC complicates things. If you want to use media player you should choose a format compatible with it.

Macs can read an NTFS drive but not write to them

You can set up iTunes to share so any computer on the network can use the library from any other computer.

Why don't you use the MAC as the control point and let the windows pc share the files it has.

My own impression is that on Windows you don't want to use either iTunes or WMC. If they're apple lossless, just use a player like Foobar2000. It handles almost any format and if you have a card with wasapi drivers, you're golden.
Windows is OK (bit transparent) as long as you set Quick Time properties (sample rate and # of bits) the same way as Itunes. Read here:
I am in the planning process of implementing a digital music server for my Ayre DX-5. Current thinking is to rip on my PC to AIFF using dBpoweramp, store the files on a Drobo FS connected to the network via ethernet with an ethernet connected Mac Mini feeding the Ayre via USB.

Thoughts? Anyone have a similar setup or experience?