Tunebite is a WMP 9 or 10 plug-in and application (or iTUnes but I don't use that version). You basically record protected songs (iTunes or WMA) as you play them and
Tunebite converts them to either ogg voorbis or MP3, retaining the tags, file, etc.. It is similar to a "total recorder" except it keeps your resulting file correct with the correct ID tags, etc.. The quality is very good and you can set it up in "automatic" mode, too. It works because it plays and records off your soundcard at the same time, so anything you can play on your computer can be converted to mp3.