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Agape, if you save as OGG format it is the quickest and it will convert to MP3 faster for the OGG is native. To make smaller files, choose a smaller wavelength. 128 as opposed to 192 will shorten the size considerably.
Audacity is open source and works great. We had the blessing of finding a pair of 1 GIG memory sticks in a yard sale for $10, and we have a 30 or 40 GIG drive so large files are not a worry for our sound. We have 100% eliminated tapes.
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