MPCPLed is a new application written to fill the request made here. MPCPL files are playlist files created by the very popular Media Player Classic application. Unfortunately, re-ordering items with MPC’s built-in playlist editor is limited to dragging and dropping only one line at a time. Also, for keyboard ninjas, there are no hotkeys to shift items around. Needless to say, for long playlists, re-ordering items can get tedious. MPCPLed aims to make things easier by allowing dragging and dropping of multiple items and hotkeys for all actions. If you have such a need, please give MPCPLed a try.
Go to the MPCPLed page to download. Screenshot below: