Well, sort of. According to the commentary in
my study Bible, the purpose of this verse is to 1) make sure no one selfishly
hoarded their possesions; and 2) make sure no had to go hungry.
On the first point, this does apply to file sharing. But I don't think that an artist saying they don't want their music traded for free is necessarily selfishly hording their possessions. In some cases that may be, but in most cases I think they have a legitimate claim in asking that they have control over what happens to their own creation--which is also their livelyhood. File sharing affects different artists differently. While it may be a great tool for unknown garage bands, it very well may be a detriment to well-known artists. No one can say for sure what the effects are, so, personally, I won't download more than 2 or 3 tracks off a single album. At that point, I evaluate it and either 1) determine that it's not good and delete it; 2) determine that it's good enough to keep and listen to every once in awhile; or 3) buy the album and delete the MP3s. I think that's a fair and respectful use of file sharing that benefits both the artist and the listener.
On the second point, this doesn't apply. This verse is talking about food, not music. Food is a neccesity for survival. It would be very cruel and sinful to say that someone who is starving can't eat a few grapes from your orchard. Music, on the other hand, is entertainment. It wouldn't be sinful to tell a music-deprived person that they can't steal some of your CDs.