Creating MP3 audio files from MP4 videos

[Kiwi999]

I have some MP4 videos. I like to create some MP3 or WAV audio files from these videos which I can then play on my MP3 Player. Can anyone recommend a program that will do this?

*I have tried using VirtualDub but it won't open the videos.
*I have tried to record the audio (using audacity) while playing the video, but no matter what IP I choose on Audio I/O I can't record anything.

What I need is a program like VirtualDub that reads MP4. And writes WAV or MP3 files.

Thanks in advance.

Systems:
w7 64bit
OR XP 32 bit

MEDIAINFO
General
Nervous System 1.mp4
Format : MPEG-4
Format profile : Base Media
Codec ID : isom
File size : 262 MiB
Duration : 1h 9mn
Overall bit rate : 531 Kbps
Writing application : Lavf52.31.0

Video
ID : 1
Format : AVC
Format/Info : Advanced Video Codec
Format profile : Main@L3.0
Format settings, CABAC : Yes
Format settings, ReFrames : 2 frames
Codec ID : avc1
Codec ID/Info : Advanced Video Coding
Duration : 1h 9mn
Bit rate mode : Variable
Bit rate : 366 Kbps
Width : 640 pixels
Height : 352 pixels
Display aspect ratio : 16:9
Frame rate mode : Variable
Frame rate : 25.000 fps
Minimum frame rate : 12.500 fps
Maximum frame rate : 25.000 fps
Color space : YUV
Chroma subsampling : 4:2:0
Bit depth : 8 bits
Scan type : Progressive
Bits/(Pixel*Frame) : 0.065
Stream size : 181 MiB (69%)

Audio
ID : 2
Format : AAC
Format/Info : Advanced Audio Codec
Format profile : LC
Codec ID : 40
Duration : 1h 9mn
Bit rate mode : Variable
Bit rate : 160 Kbps
Channel(s) : 2 channels
Channel positions : Front: L R
Sampling rate : 48.0 KHz
Compression mode : Lossy
Stream size : 79.0 MiB (30%)

[Baldrick]

You can use something like Pazera Free Audio Extractor or AoA Audio Extractor Basic. They can convert to mp3 or wav or just demultiplex the audio(no quality change). They are frontends for ffmpeg.