What I wanted to do was right click on a wav file and select send to -> mp3. Similar to that of winzip when you want to quickly convert a bunch of files to a zip archive.
To solve this issue I downloaded the LAME MP3 encoder source and built it on my XP machine. The compiled files I placed in c:\Lame and in my environment variables I set LAME=c:\Lame
I created a batch file called "Mp3.bat" and placed it into the c:\Documents and Settings\Jamie\Send To folder
The contents of the Mp3.bat file is below:
call "%LAME%\lame.exe" -b 320 -h %1 %1.mp3
pause
Now when I right click on my wav file I can easily convert the file to an mp3!
For anyone wanting a quick and dirty way to convert their files to mp3s this is a good solution.
Here is a snapshot of the process
STEP 1:
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STEP 2: Select the wav file for conversion
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RESULT: