iTunes - Capturing Audio from Video

Does anyone know how this might be done? Example: I have a video clip of musicians performing but all I want is the audio. Yes, I know I can use Audio Hijack, and have done, but is there a way to do it within iTunes itself?

Sorry... doesn't look like it. Maybe Quicktime has this feature though?

I asked this same question. If you use Movie to MP3 MovietoMP3.com - The online video to mp3 converter., you can do this to a YouTube video. It works with other websites, too, but I can't remember them off hand. Other than that, I am not sure how to do it in iTunes itself. Sorry.