Converting .wav to .mp3 in iTunes:

1. open iTunes
2. create a new empty playlist (just give it any name, we'll drag the .wav file to be converted into this window so it's easy to find it and rename it)
3. click and drag the .wav file into the newly created playlist window, you'll see the progress bar go to work as iTunes imports the file. You can now listen to this file using iTunes.
4. rename the .wav file so it's something you can find easily in the iTunes library, including "artist"
5. under "preferences" in the iTunes menu, find and click the "import settings" button
6. select - import using "mp3 encoder"
7. select - setting: high quality (160 kbps) * this resolution is slightly better than CD quality, you can obviously raise the resolution if you so desire
8. click OK to finish with the import settings panel
9. now go to the iTunes music library (in the iTunes window above the "playlists")
10. find the .wav file you've created and named already
11. select the file to be converted (just click it once to select the file - the line will turn blue)
12. in the "advanced" menu, select the "create mp3 version" to convert that .wav file to .mp3 according to the import settings we just changed
13. the original .wav and newly created .mp3 version are in your iTunes music folder, here's how to find it:

Mac HD -> click your user name (has the little house icon next to it) -> music -> iTunes -> iTunes music (everything you see in iTunes is just a shortcut to the original files that are all located in this folder, including your .wav and .mp3 conversion)

If when naming the file, you didn't list an artist, it will be in an "unknown" file because files here are sorted by artist name. Open that folder, and there are both versions. The mp3 version will be the one that is a considerably smaller file size.

Easy, right? Just do it a few times, and you'll get it. The conversion is easy, the trick is making sure you can find the files you've created and converted.