A media management system for managing a user's media files and information related to such media files and a method of the same. In one aspect, the system and method are operable on a user's computing device. In one aspect, the system comprises a storage management component, a server communication component, a media player component, an instant messaging component, and a media engine component. In one aspect, the method allows a user to browse and/or exchange media files with other users via a network using an instant messaging component.