Click on “Libraries” to get to the right place: Once you’re in Preferences, you’ll see there are a ton of options.
Now, in the program, choose “Preferences…” It’s complex, but really cool: Download Audacity. Oh, don’t have Audacity yet? Grab a copy, Mac, Windows or Linux. Without it, as you know, Audacity just complains that it can’t work with Mp3 format. In this instance, you do need to download a specific audio conversion library called LAME which has the codec needed to create Mp3 format audio files that you can then use with all sorts of apps like Windows Media Player and iTunes. It’s not, however, the most intuitive interface and that does cause some hiccups. Audacity is a great audio editor and as freeware, well, you can’t complain about the price, that’s for sure. Good followup question and it suggests that there might have been a lapse in my original article, actually.
