reel 2 reel?

has anyone tried taking audio from an old reel to reel (4 track) and converting it to mp3? i'm trying turn old recordings of me and my sister when we were little (before the video camera).
so really what i'm asking, would ati aiw do this or would it get confused
because there is no video coming in.
thanks,
heidi
system stats--- amd athlon 1800, 256 ram, ATI All-in-Wonder 7500 64 mb, 40 gig HD, onboard sound

[offline]

Either mix 4 track to 2 track or cheat by using the headphone socket
(so you get 2 channel stereo) and run direct to your line in on your sound card (or mainboard if
built in).

Capture as a PCM wave file (use cooledit pro or similar
downloadable demo sound editor) and convert later using your
favorite mp3 encoder.