Import Raw sounds like a really cool process, but in fact it fails almost 100% of the time. So that’s not a good way out.
You’re going to have to nail this down a lot more for anybody’s software to work. What exactly does your virtual DJ software require? Are you capturing internet songs for your shows? Were you able to get that to work?
Since you appear to be just starting out, you should know that double compressing songs isn’t a very good idea because the bubbley, honking sound compression damage goes up when you do. So if you download an already ratty MP3 song and make a (for example) AAC for your Virtual DJ, the music may not sound very good. It will have all the damage of the original MP3 plus the AAC compression damage.
iTunes has a process where you can download extra quality shows at a bump in price. Those work a lot better than normal compression.