On a Mac running OS 10.something and iTunes 7.something, trying to get ahold of a short segment of a podcast interview for fair use purposes. Is there something within iTunes that allows for it or something free I can download?
Yep.
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Select the song and futz with the “Start Time” and “Stop Time” fields in the “Get Info” (Command-I) box to narrow down to the excerpt you want.
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Select the song and go to Advanced > Convert Selection to MP3 (or ACC or whatever format you have set in preferences.)
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Voila!