iTunes will do it.
Go to the Preferences and change the recording options from AAC to MP3, with whatever options you want. Then select the song you want to change and pick "Convert to MP3" from the Advanced menu.
(Then switch your preferences back, so you don't rip your next CD in the wrong format.)
I'm assuming that you aren't talking about songs purchased from the iTunes Music Store, since those are protected. The workaround for that is to burn the songs to a CD, then rerip them. I'd recommend reripping with something other than iTunes, since there seems to be something in iTunes 7.2 that tracks that kind of thing.
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I can't read your signature. Sorry.
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