need mac app to convert CD to mp3 for web

iTunes is nice but I want to lower the bit rate of the .mp3 files for streaming over the web (using .m3u files).

Ideally, an app would let me extract a portion of the track as well.

Any favorite applications ?

Thank you.

Import the files onto your computer in iTunes. In the song info go to options and set the in and out points to what you want. Go to the iTunes preferences and under importing use MP3. Go to custom bit rate options and set it to a low rate. Go back into your librar, ctrl click on the song and Convert to MP3. This will encode a new song set at the times you set it for at the lower bitrate

Thanks very much...you saved me alot of time searching for an app. I did find an app called Mp3 Trimmer but as far as I can see, it does not allow changing the bit rate.