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- Create a new Smart Playlist (via the File menu in iTunes)
- Click the "Limit to" checkbox and from the "selected by" dropdown list choose "most recently played"
- Make sure the "Live Updating" checkbox is selected
P.S. This a particularly useful playlist to have around if you regularly use the search field to find a song, since you lose the song's position once you clear the search. It's also just an interesting playlist to have around in general, since it'll show you exactly what you've been listening to over a period of time.