I found an excellent conversion software -
TuneCab Ultra! It can convert protected and unprotected audio, video, extract sound from video, remove DRM, download and convert video from YouTube etc. Easy to use all in one software!
* Supported audio formats: WMA, M4B, M4P, MP3, WMA, WMA Pro, OGG, AAC, MPEG4-AAC, WAV, FLAC, AIFF, AC3, AU.
* Supported video formats: WMV, M4V, WMV7, WMV9, MP4, AVI, XVID, DIVX, 3IVX, 3GP, MPEG4, MPEG1, MPEG2, MPG,
MOV, FLV, DV
Key features: * M4P to MP3 conversion
* Selectable compression level and output format
* Allows to convert complete folder structures and recreates these structures on output
* Has YouTube Ripper and CD Ripper
* Super fast conversion, up to 50x the playback speed
* Can convert in HIFI and CD quality
* Batch mode for converting or unprotecting large song collections
* Very easy to use and install
* Preserves ID3 tags for artist, album, title names etc.
http://www.tunecab.com/includes/download.php