Hi Glen and welcome to the Med Support forum.
Follow this:
File>>> Record Via Plug in>>> Select "Configure Plug In" and then choose a destination for your track to be recorded to. Once chosen, a new window will open; click on the "Save As..." box and then choose a name that you want to call your track.
Select "MPEG Layer-3" format if the box is enabled. As for "Attributes"; select your desired output KB.
Click "OK" when all done. The dialogue box will close leaving the first one open. Click on "Play/Record" and then put the kettle on. All 'should' run smoothly albeit slow.
If this option doesn't work then it might be a problem with your configuration. Check that the soundcard is responding correctly to the plug in.
The only other option, which is one I swear by, is to "Record As Sample...". This option is so much quicker and easier. Simply follow this:
File>>>Record As Sample. Select you destination by clicking on "set...". As for file format, choose which option suits you the best. I personally use "RIFF WAV (Waveform Audio). Next, notch the 'Recording Speed (% of Playing Speed):' upto 1000. Now, once all that has been done, click on "Record Song" and watch it fly! If you use this option, same as the plug in output option, remember to use "0
0FFE00" at the end of your song or else it will keep recording until you intervene.
Once your song has been exported as a WAV file, grab a free Audio File convertor such as
DBPowerAmp and then change it to an MP3.
I hope this has helped in some way,
Blue.