does anyone happen to know exactly how many minutes or songs that the ipod nano holds or the itunes library?

Answer 1

At an average bit rate of 128 Kbps, 1 minute of music = 1 MB.
That makes 1,000 minutes per giga-byte. With an average track lasting 4 minutes, that makes 250 songs per GB.

Answer 2

It depends on which model you have...

First generation: 1, 2 or 4 GB
Second generation: 2, 4, or 8 GB
(a 3min song = 4.3 MB)

As long as you have the storage space, the iTunes library can hold an unlimited amount of music.