Just drag the WAV file into iTunes to add it to the library. Select the file in iTunes then go ADVANCED>CONVERT SELECTION TO MP3.
If it says "Convert to AAC" instead of "Convert to MP3" then you need to go into iTunes Preferences, under Advanced, then under the IMPORTING tab change the format to MP3.
Comments
Just drag the WAV file into iTunes to add it to the library. Select the file in iTunes then go ADVANCED>CONVERT SELECTION TO MP3.
If it says "Convert to AAC" instead of "Convert to MP3" then you need to go into iTunes Preferences, under Advanced, then under the IMPORTING tab change the format to MP3.