I'm I reading that you are trying to convert a wave file to a MP3 by renaming the file extension? That's sort of too funny....
All you gotta do is insert the CD and rip it to a MP'3. WMP almost does this automatically when you insert a CD. But change the settings to MP3 or it will default to a WMA file. Also if you want better quality set it to 190 or higher.
You can use any Ripping program like Nero, WMP. Media Monkey, ( iTunes; boo)
You can convert the WAVE file directly without putting it on a CD with some software. Wave LAb, Sound forge or Audacity and There are plenty of freeware conversion programs too.