GoldWave is pretty good for Windows. It's shareware, but it crashes less frequently than Audacity and you can get a fair amount of use out of the unregistered version (I think the limit is 150 commands/session or something.) Google it.
I use ACE mega codecs pack. It has tons of little utilities that convert almost all audio and video to an format. The "lamedropxp" is really nice drag and drop convert feature if you have many files to do.
Well, if you're doing it for your own music, everything that needs to be said already has been.
You really don't need any fancy programs for converting a wav into an mp3; just a LAME dll file and an audio editor. I use Audacity personally, but most audio-editing soft/freeware (Adobe Audition, GoldWave, etc.) will do fine. Just google lame_enc.dll and you'll be able to convert wav to mp3 just fine.
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