OMG, I jsut found this:
oggdropXP
it is insane! It uses vog-orbis and it is a drag and drop program where you jsut pull a wave file into the drop in box and it automatically starts encoding to your pre-set settings to the directory where the wav file exists.
Of course, it is ogg, but I can see why people like it. It's a variable bit rate lossles compression utility. I don't mind ogg

It works in foobar.
Still wish I had MP3 files, but I think i'll survive.
EDIT: I know it's not what I asked for, but it accomplishes my goal. To save disk space
