In the long search fro a free, working media converter I have found Switch. Out of all the free programs I have used this is by far the best and easiest one. Here is a quick list of some features, taken from there site:

• Automatically normalise audio while converting.
• Ability to play tracks prior to conversion.
• Import and convert a playlist (m3u and pls).
• MP3 encoder supports constant or variable bit rates from 8 to 320kbps with optional error correction and stereo modes.
• WAV encoder supports sample rates between 6000 and 196000Hz in PCM as well as a number of other audio codecs.
• Allows up to 32000 files to be converted in one batch.
• Can be run from the command line for automation with other applications.
• Optimized CPU usage and efficient code allows for fastest conversion times.

Head over to http://nch.com.au/switch/ and grab the free version of the program while you can!