If the song format supports suitable metadata (e.g. MP3), follow Kevin’s guidelines for using metadata. This is by far the best way to do this, and this is what metadata is for.
If not, then it really depends on your application. If you want to share ranking information - especially through a web service, then I would go for XML: it would be trivial to supply your XML data as one big feed, for example.
XML (or most other text formats) also has the advantage that they can be easily edited by a person in a text editor.
The database will have its advantages if you had a more closed system, you need speed and fast indexing and / or have other tables that you also want to save (for example, data about albums and groups).
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