I have an MP3 file that is 120 minutes long. I want to chop it up into 5 minute segments. Can Audacity automatically do that?
Yes, but you may not want it to. When Audacity finishes with this task, you’re stuck with exporting WAV or other high quality sound format, not another MP3. The bubbly, honky compression sound damage will go up if you make new MP3s and the show may no longer be acceptable quality.
But if you want to try.
Analyze > Regular Interval Labels. Then File > Export Multiple. The export system will break the show up according to the labels.
I’m assuming you installed the Lame software package. Audacity will not make an MP3 by itself.
For applications that can cut MP3’s losslessly, see http://wiki.audacityteam.org/wiki/MP3#re-encode.