MuvAudio

I’m not 100% sure how I happened across MuvAudio, but it’s pretty cool software.  Essentially, MuvAudio records the audio from any item that runs through Windows Media Player into various different audio formats.  I’ve tried the software and it works very well — you will need to have the .NET framework installed — and costs nothing.  One note of caution: the application is pretty resource intensive and you may not want to be trying to do other things unless you have a powerful machine with lots of RAM.