It may be easiest to re-write the whole path (with an absolute pathname, incl. drive letter and all superceding folders) if the variable parts of the path consist of tag-information.
E.g.
d:\music\%artist%\%year - %album%
There is a tread in the German part of the forum that also deals with addressing the parent directory. But it seems to be rather tricky.
/t/14270/1