converting aiff to mp3

I've recorded some analog music to digital using imic and Final Vinyl. The music is saved in AIFF. I've set the preferences in iTunes to import in mp3, but when I import, the file remains as AIFF. How do I convert to mp3?

Did you save it (from Final Vinyl) onto the desktop then drag it in to iTunes? If you do that, I'm pretty sure it doesn't really "import" it. You may need to right click on the song in iTunes and select "Convert to MP3" for it to convert it.