Try and find a program called "dBpowerAMP Converter"
It installs a registry file that adds a "convert to" tag whenever you right click a music file. It allows you to convert wav/mp3 and vise versa, also allows for you to rip from copy protected CD's (.cda).
I believe this program is available from www.download.com
if you can't find it add me on msn and I'll send it to you