The XNA Framework MediaPlayer only provides visualization data while a song is playing. This is not designed for offline preprocessing.
I don't know personally of any other libraries that do this, but I'm sure many exist. You will need first a decoder to convert the song data into a PCM waveform (google for "mp3 decoder" will find many options), and then to run a fast fourier transform (FFT) over the PCM data to convert it into frequency bands (again google for "C# FFT" will find some options).
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