Hey Mark
You pretty much hit the mark with relative to the project file.
The only thing I have to say is, try to organize your files carefully into folders alongside the project file
It's not exactly necessary, but it really helps as projects get larger.
Here is a simple example
Music - (Seperated by Game State depending on the size of game)
Interactive Music - (If you have Vertical Layered Music)
SFX - (Seperated by Game State, Or Type of SFX Depending on Size of Game, or Play Type.)
Dialogue - (Split into Characters)
Xact makes it easy to switch out sound effects so all of this isn't entirely necessary, however some API's - (Such as OpenAL) don't allow such ease to go back and fix things, and often times tweaking sounds in-game requires altering the base file, and re-saving it as the same name, so it doesn't have to be switched out in code. This can be a major hassle if things aren't organized.
[ E-mail - Silentcomposition@yahoo.com ] [ Website - http://www.danielgooding.me/indi ]
[ As Of Dec 8 2009 ] - (Total Indi Games – 33) (Total Music Tracks Made – 177) (Total SFX Made – Over 1350) (Currently Uploaded Tracks On Webpage– 113)
Some Teams I've worked with recently (http://manabomb.com/) (http://www.talryyngames.com/) (http://retroburngames.com/)