Songster allows you to drop audio files on this app, and they automatically appear with their metadata attached in Final Cut Pro 7. The app can also make ALE files for import to Avid Media Composer.
The supported audio formats are AIFF, MP3 and MPEG4-Audio (m4a). Songster uses Spotlight to read the same metadata that you see in iTunes, so be sure to turn on Spotlight for the drives that hold your audio files.
Currently WAV files are not supported, because they do not work with Spotlight.