I didn't compile it to try, but it looks like "%%" will get substituted as "%%" - there's no way to get a single "%" character.
And
In reply to:
Be wary of percentages. IE turns them into characters if they are followed by numbers so that's not real great. Don't use them if possible.
That looks like you're making URLs without escaping reserved/unsafe characters properly (IOW, IE is probably doing the Right Thing). I bet that track names containing '%' give you trouble, as well as artists like "AC/DC"...
I think the right thing to do is to make a second pass over the resultant filename, to URL-encode it.