Hey Eddie,
Do you still happen to have the original audio saved as a .wav file? If so, then you can import the wav file into Cakewalk 9 and export that as an mp3. I just tried it here at home and it works. Of course, all of this is moot if you don't have the original .wav files. So you can either stop here and go with SoundForge like the boys said or read on.
Fire up Cakewalk and open a new, normal project. Go to the Insert drop-down menu and click on Wav File. Browse for your .wav file and click on Open. This will insert your wav file into track 1. Now go to the Tools drop-down menu and click on Mixdown Audio and then click on Export to Files. Here you will name the file you are about to export and change the file type to MP3. Click on the down-arrow in the Files of Type box and choose MP3. Click on Export. You'll get a new box that will allow you to pick the encoding type. Here's a screen-shot of that box.
Click on Encode.
You mentioned time (70 secs) in your post. Don't know how you will accomplish that using Cakewalk unless you control that at the .wav end. Soundforge would definitely work there.
Hope this helps.
Merry Christmas!
mike