Is It Possible?

[Mikelly]

Greetings from Australia,

Ive just updated to 3.110 hoster,Thinking that i can play all my large amount of normal cd's music collection thru hoster when i'm not singing karaoke,by importing them onto my hard drive realizing they are not mp3's.
I can convert the cds to wav files using Microstudio, but i cannot convert wav's to mp3's.
Is this possible /and legal for me to do this so i can add all my cd music collection to play thru hoster?
Are there any (free) programs that can convert wav's to mp3's?

Thanks for your any assistance

Mike.