So, if you have some other computer sounds (like mIRC, MSN) while you are recording you will also get them in your song? Also your only going to lose quality. 128kbps WMA > 192kbps MP3, yuck.
Sounds a waste of time to me. I think I will stick with
www.allofmp3.com even if they do have a lossy source for most files (LAME MP3 384kbps) I would rather recode them to 256kbps at very little quality differance than lossless > 256kbps MP3 than deal with bitrates no better than you get on Limewire.