Currently the music does not play, but having the thresholding correct is certainly a step forward.
No, it isn't. You should create a sketch that does NOTHING but play a file. You shouldn't be diddling around with free memory or extensive error reporting or reading ANY sensors or diddling with timers or using any interrupts.
playfile("Pink_Try.WAV");
while (wave.isplaying && analogValue < thresholdThree) {
//Serial.print(".");
}
wave.stop();
Once you start playing the file, the only thing that will stop the while loop is for the song to come to the end. The values of analogValue and thresholdThree never change, so they are useless. Once the song has come to an end, is there really any need to tell it stop?