Peer-to-peer (P2P) file sharing accounts for an astonishing volume of current Internet traffic. This paper probes deeply into modern P2P file sharing systems and the forces that drive them. By doing so, we seek to increase our understanding of P2P file sharing workloads and their implications for future multimedia workloads. Our research uses a three-tiered approach. First, we analyze a 200-day trace of over 20 terabytes of Kazaa P2P traffic collected at the University of Washington. Second, we develop a model of multimedia workloads that lets us isolate, vary, and explore the impact of key system parameters. Our model, which we parameterize with statistics from our trace, lets us confirm various hypotheses about file-sharing behavior observed in the trace. Third, we explore the potential impact of locality-awareness in Kazaa. Our results reveal dramatic differences between P2P file sharing and Web traffic. For example, we show how the immutability of Kazaa's multimedia objects leads clients to fetch objects at most once; in contrast, a World-Wide Web client may fetch a popular page (e.g., CNN or Google) thousands of times. Moreover, we demonstrate that: (1) this ``fetch-at-most-once'' behavior causes the Kazaa popularity distribution to deviate substantially from Zipf curves we see for the Web, and (2) this deviation has significant implications for the performance of multimedia file-sharing systems. Unlike the Web, whose workload is driven by document change, we demonstrate that clients' fetch-at-most-once behavior, the creation of new objects, and the addition of new clients to the system are the primary forces that drive multimedia workloads such as Kazaa. We also show that there is substantial untapped locality in the Kazaa workload. Finally, we quantify the potential bandwidth savings that locality-aware P2P file-sharing architectures would achieve.