Developer's description:

xrecode III is converter and audio-grabber which allows you to convert from mp3, mp2 ,wma, cda, ogg, flac, ape, cue, ac3, wv, mpc, cue ,tta, tak, wav, dts, m4a, m4b, mp4, ra, rm, aac, avi, mpg, vob, mkv, flv, swf, mov, ofr, wmv, divx, m4v, spx, 3gp, 3g2, m2v, m4v, ts, m2ts, adts, shn, tak, xm, mod, s3m, it, mtm, umx to m4a, alac, ape, flac, mp3, mp4 (using NeroAAC), ogg, raw, wav, wma, WavPack, mpc, mp2, Speex, ofr, ac3 and Shorten formats.

Most noticeable features:

# Works on XP,Vista,Windows7 32/64 bit versions.
# Parallel conversion by utilizing power of multi-core CPUs.
# Support of embedded CUE sheets (for FLAC, WavPack and APE files).
# Built-in Metadata editor with Cover Art support.
# "Glue" input files to one large audio file and create CUE sheet.
# Converting to many formats at once using "Multiple" output mode.
# Grabbing of multi-channel Audio CDs to the desired format at once.
# Informative and resizable UI suited even for netbooks.
# Extracting audio from flv, avi, mov etc. video files (multiple audio streams are supported).
# Support for 24/32bit audio files.
# Multilanguage support. Currently program is available in English, Japanese, Polish, Russian, Hungarian, Spanish, Spanish Traditional, Swedish, Brazilian Portuguese, German, Finnish, Bulgarian and Czech languages.

FAQ

How to Grab Audio CD?
# Insert CD into drive. Program will automatically start CD Grabbing process.
# Program will react if you insert a new CD.
# You can change this behaviour under program Options.

How to Grab Audio CD into one file and create CUE?
# Choose "Merge" as a destination format.
# Click "[ ] Create CUE" under "Merge" settings.
# "Merge" is not limited to CD Tracks only - you can merge whatever input files you like.

How to Convert files to multiple output formats at once?
# Choose "Multiple" as a destination format.
# Adjust settings for individual formats.
# Tip! Before you press "Start" click "Additional" under "Output File Settings" and click "Add output file type to output path". This will assure that all files will be created into separate folders.

What to do with "Replay Gain" button?
# Please visit this site if you are not familiar with Replay Gain concept.
# Replay Gain analysis will be started by pressing this button.
# You will then see the results under "Replay Gain" column.
# Click [ ] Normalize under "Input File Settings" if you want to apply Replay Gain for resulting files.

How to Edit Metadata?
# Add some files to program and click on Metadata tab.
# Select one or more files.
# Changes made in editor will be applied to all selected files.

What to do with "Save Metadata" button?
# Push it if you want to save Metadata in the source files.
# Don't push it if you want Metadata to appear only in converted files.

Tip for Track Number.
# Select more than one file.
# Put 1/ or 01/ into "Track" field. If, for example, 12 files were selected then Track Number for all selected files will be populated like this: 1/12, 2/12, 3/12 ... 12/12.

Tip for Cover Art.
# Right click Cover Art picture.
# Click to Google, Bing or Amazon for picture.
# Your default internet browser will be launched and redirected to search engine you just selected.
# Right click (in the internet browser) and choose "Copy Image" when you've found the right picture.
# Copied Image will be automatically recognized as a Cover Art by Metadata Editor.
# You can switch off this behavior under program Options.

How is demo program restricted?
# Demo version will display nag screen on startup. Apart from that it's fully functional.