Software for recording my dj sets

Hi there, i just got my macbook pro 17" and i will be using i for Dj'ing. Now on my windows laptop i used to have a 3.5mm phono jack plug that came from the master out on my pioneer mixer and i used to plug that into the microphone socket on my laptop, then i used software called cool edit pro to record my sets/mixes. I liked this cos it saved them into mp3 format straight away and was easy. Now im wondering what software is available to do this on a mac? i can record within the dj software i use (traktor scratch pro) but this only saves in WAV formats and id prefer mp3 as they are smaller files, the only other way round it would be if there was some software for a mac that would convert the WAV files into mp3 easily?

WAV is generally used because (the most common codec for) it is uncompressed. When recording music, you GENERALLY want to start with an uncompressed recording, compressing it only when you're done editing etc.

So Traktor is doing the right thing. You can easily convert WAV files to MP3 or AAC in a huge variety of ways, starting with iTunes itself. If your desired final output is MP3, though, I'd recommend using a tool that employs the LAME engine rather than iTunes' Frauhofer (I think they are still using that) engine. There's a script out there that can actually do this for you IN iTunes.