Plenty out there.
You have basically two choices:
1.) Get a stand-alone program that converts the wav file automatically to mp3 without any tweaking. Use: Audiocatalyst, Music Match Jukebox, ...
2.) Get a program, with some advanced features like noise reduction, fade in, fade out, track split, analyzing, comparing, ... There programs usually use an external codec to convert the wav to mp3. The best codec, in my opinion, is the LAME codec. Another good one is the Frauenhofer Institut one (get the Radium enhanced version). Programs like that: EAC
http://www.exactaudiocopy.de/
Here is some more info about mp3 encoding
http://www.r3mix.net/
Hope this helps
Sabka