[KEEZY]

Yessir... just right click the song and click "Find Album Info" but the song has to at least have some general information about it that is right. Also, you can set it to do that automatically by doing the following:
1. Options -> Library tab
2. Towards the bottom, there is a section for Automatic media information updates for files
3. Check retrieve addition info from the interwebs
4. I also have Overwrite all media information checked, as well as the next to checks checked under it (rename using rip settings, rearrange using rip settings).

There is also an option under Tools that says "Apply media information changes"

So you will have to edit it a little bit, but not much. Also, I've found that if a song is on multiple CDs (greatest hits, etc) WMP doesn't try to guess which one it is. This comes into play with the second option.