Is there a way to convert these files from Rhapsody to a .wav or .mp3 file through Audacity or other sources out there? Thanks.
I doubt that Audacity can help you.
.RAX files are DRM protected.
If you have a license for the files you may be able to create an audio CD of them with Windows Media Player, then rip that CD to the format that you require.
It’s possible to record any files into Audacity as they play, if your machine supports this ( see http://manual.audacityteam.org/o/man/tutorial_recording_computer_playback_on_windows.html ). This would be slightly lossy, but burning an audio CD would be lossless.
You should only record the files if you have the licence for them but cannot use it (because RAX is no longer supported or some other technical reason).
Gale