Say your prayers, sucker, because I just fooled you into downloading something that will take over your computer. You've been Apple-fied!
Just kidding (of course). I won't be able to go through the steps with you in detail until I get home (probably in about four hours). I think that you need to change the file type for ripping in the options (maybe called preferences) to what you want (MP3, right?). Then, you can select the songs in the library list, probably right click, and then see a choice for converting them.
Let me know if you get it. I'm more than happy to go step by step once I get home.