Everything else is there, listed down the left-hand side, but when I select 'Library' - 'Album list', the list just flashes blue a couple of times & leaves me no further forward - I can't actually select anything, or ideally select everything. At least my old copy of Foobar had a 'Library' tab amongst the playlists...Flashing blue means the panel is already in your layout, so you can use it there instead of selecting it from the menu to get a pop-up version.
For the Library playlist, go into Library menu > Configure > Media Library > under 'Library Viewer Selection Playlist' make sure it is 'Enabled' and 'Activate when changed'.
With that option on, when you select something from the Album List, it should show the contents in the Library playlist. There you can play it.
You can also right-click music on the Album List for options to send to a New Playlist, etc.
Aside from that, post a screenshot. Pretty difficult to help you otherwise. We need to see what you are seeing.