If you burn CD's using iTunes, they will take up many many many times more space than if you simply copy the file over.
If your iTunes folder is only 161 MB in size, the whole folder should easily fit on a single CDR. CDR's will hold 700 MB. You only burn using iTunes if you want to play the music on an old CD player that is not capable of playing mp3 or m4a files.
Also, if your iTunes music folder is only 161 MB, it can't be what is filling up your hard drive. That is a tiny folder and you can't have a very large music collection if that is really how large it is.
Deleting 60.14 MB won't make any real difference.
You said your hard drive was 69.7 GB.
One GB is 1000 MB. You should probably free up another 25 GB to get your hard drive running optimally. 25 GB is about 25,000 GB, so you can see that 60.14 MB isn't going to make much difference at all to your hard drive space.
That doesn't mean you need to keep an unnecessary program though. You should be able to delete the program through Add/Remove Programs in Control Panel. Don't just delete the folder.
I used to know of a utility that would tell you what programs were using the bulk of your hard drive space. It would show a pie chart labelled according to what was using the space. I can't remember the name of the utility though.
+_+_+_+_+
It may have been
***Disk Analyzer***. If not, it was something similar. It shows which files and folders are hogging all your disk space.