I thought I'd share this. CathyMK and anyone else who might want to know how to create mp3's from video files, I use a free software called Any Audio Converter. Download can be found here:
Any Audio ConverterJust add any video file that you have, select the audio format you want and click encode. It will do the work for you. You can also specify the start and stop time of the parts of the video specifically that you want an mp3 of.
If you have an existing audio file, you can convert it to other audio formats or increase the bit rate of your mp3's. Its a free software so its a bit limited in options. Best bit rate available is 196kbps. You can also trim any existing audio files you already have, let's say you want to cut out that last part of "The Truth" which reminds me, I need to go do that.