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If you haven't used this yet, you should start today.
This is the EASIEST and most integrated way to convert files from wav to MP3.
After you install lame codec, just open the wav file in sound recorder (every windows install has it) and go to file|properties| and click convert.
Basically, adding this codec makes MP3 one of the formats your windows system can save to, natively.
convert video and music files between formats
manage and organize your movies and TV shows
file and folder synchronization
Remote Desktop and Support Software
backup your files and folders