MediaMonkey forum

I have an older laptop with insufficient space to store my entire lossless music collection. I store my music on a 1TB external hard drive.

Is there a way I can have MediaMonkey (or any other program, for that matter) keep lossy copies of my music on my laptop's hard drive? This is so that when I am on the go, I can still have copies of my music I can enjoy over portable headphones/earbuds. When I am at home and plug in my external hard drive, Media Monkey would see that it has lossless copies of the songs available and play those instead, and I could enjoy those on my higher-end home stereo setup.

Is there any way I can do this?

For that you should use MM VirtualCD Feature which will Cache external HDD locally without losing Track Stats. Currently you will need to select which tracks you wish to put into Virtual CD as it will copy lossless files to local folder which will not save space but still you will be able to play few hundreds of most favorite tracks.