Steps to convert Ventrilo recording to MP3 format.
Download and Install Windows Movie Maker for XP by googling the link.
Download and Install “Switch Audio File Conversion Software” from
Start Windows Movie Maker and follow the instructions as show here
Open, Position and setup Ventrilo and Movie Maker as shown here
Click Stop Narration to Stop the Recording and save the file as a .wma format when prompted.
Start Switch Audio File Convertor as shown here and convert the .wma file to .mp3 format
Play with the Encoder settings to make the file size smaller while keeping the quality.