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Go to:

iTunes > Preferences > Advanced > Importing - change "Import Using" to MP3.

Now you shoulod be able to right click a song(s) and click "Convert Selection to MP3"
 
Have you tried going to Preferences->Advanced->Burning and simply changed the type of output to mp3 CD?
 

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If it's already in iTunes, right click on the song and "convert to Mp3".

EDIT: Nevermind already answered above!
 
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