Audacity
My digital audio recording device records in a compressed .wav format that confuses iTunes and Windows Media Player.  I tend to turn the recorder on and just let it go for the duration of a lesson, concert or session.

I use 'Audacity' to import the entire .wav file, and then I can select sections of the recording that I want (i.e. one tune, or a set of tunes, etc.), and export them as burnable .mp3 files.

BestPractice
I use this program when listening to recordings.   I use it to slow down or speed up the recording.  Also I find it's very handy for adjusting the pitch - sometimes with old records the musicians might have been playing in concert pitch, but to fit the recording on the record it might have been sped up or slowed down, which would be accompanied by a change in pitch.  Additionally there are recordings that have been made where the instruments are tuned to something other than concert pitch (D) - i.e. up a half-step to Eflat, or recorded down to C#, C, B or Bflat.