Joe,
I think I posted this link before but I'll do it again. I've used the free AnalogX wav to MP3 converter for all the bad recordings at my place. It generally produces about half a meg's worth of space for a three minute song and is easy to use once you get your settings in place. Here's a link
AnalogX
Also some other freebie ware there. I grabbed the Rhyme software and it will jog your brain if you ain't as good as Thomas the Rhymer at that sorta thing;~)

Yerz,
Tweed