1. An electronic device configured to play media content comprising: a processor and a memory coupled thereto and configured to exchange device status data with at least one other electronic device that is in a peer-to-peer communication relationship with the electronic device, the at least one other electronic device also configured to play media content, store a device configuration library derived from the exchanged device status data, the device configuration library including rules for the at least one other electronic device, and the rules for the at least one other electronic device including indicia of available media content, individual device capabilities, one or more compatible data formats, and a group affiliation for each of the respective devices, and receive, via the peer-to-peer communication relationship with the at least one other electronic device, media content that has been synchronized and transcoded to a compatible data format based on a determined required transcoding to play on the electronic device.