Direct recording to MP3

Is there a way I can directly save to MP3 format in one step, as with Audiograbber, instead of having to export from Wave?

Audacity will not do that, but other free software can, e.g.

The only advantage in encoding to mp3 on-the-fly would be to save memory.

Thank you, Trebor. Yeah, I have been using Audiograbber. Direct encoding does make a difference, albeit small, in the time it takes to complete large libraries, in addition to the memory you have mentioned. Oh, that’s too bad Audacity doesn’t have that option.

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