Thanks for your suggestions. I took your advice and created multiple actions to remove each fields and this seems to be working great so far - Now I have a neatly organized collection of mp3s nicely labelled and categorized. Thanks for your help with this.. Much apprecitated!
For anyone wanting to do the same, you need to create multiple actions for each tag field that you wish to remove like Title, Artist, Album, etc. You can have multiple rules within each action. For example, if you wish to remove a number of fields from the title, you need to create an action "Replace Title" and add various rules in there. I had created a regular expression to replace www...com as suggested by ohrenkino and this worked well to remove www.sitename.com from the titles. Some of the titles in my collection contained www.sitename.info etc so I had to create new rules for each one. You might also want to include " - www...com" and search for whole word only so that it removes any trailing entries from the titles. Create individual rules for each string you wish to remove and save it under "Replace Title" action. You may also want to remove any leading/trailing spaces left behind by previous actions, so it would be a good idea to include the following as well in "Replace Title" action: Action type: Format value, Field: _TITLE, Formatstring: $trim(%_title%). I also added a case conversion to title case rule to complete the look of my titles. This way, you can select all your files and click on "Replace title" action which will do all the formatting for you in one go! Repeat these steps for all other actions like Album, Artist etc and include relevant rules to remove the tag fields you wish to remove. Once the title was formatted to my liking, I also used the convert option to copy title to filename which worked great. You can also add the numbering wizard if you wish to number your tracks as 01 - filename, 02 - filename etc.
There may be an easier way of doing this but this is how I did it and it seemed to have served my purpose. Hope this helps someone 
The below link has a lot of info on using actions that you might find useful:
To the developers, thanks again for making this wonderful tool!