Scott,
Sound Forge is probably the program of choice, but I am into "free". I downloaded Total Recorder and MPEG Suite. The recorder works great to create the wav file. Then MPEG Suite converts it to the proper format. Sounds great on my computer, but I'm still having trouble getting the MP3 (ANY MP3) to play on my web site.
I just looked at the newest version of Powertracks Pro, and it seems to support these functions now also. I may blow $19.95 for the upgrade. It is a great sequencer program for very little money.
Gotta run--another night, another party.
DonM