How to convert media using VLC?

How can I use VLC to convert media? for instance WAV to MP3.

I searched the internet and all the tutorials I found describe the process on older VLC versions (my version is 1.0.0)

The How-To-Geek has a guide here.

Basically you open VLC.

Click on the Media menu.

Select "Convert / Save..."

Click the "Add..." button.

Browse to where you have the files you want to convert. You can select multiple files by holding down the CTRL key whilst clicking.

Click the "Open" button.

Click the "Convert / Save" button.

Click the "Browse" button to choose where to save your files, (otherwise it will save in the Windows\System32 folder).

Give the new file a name and click the "Save" button. Don't forget to include the extension so it will play properly.

Beside Profile click on the dropdown box to choose the format you want to convert your files to.

Finally click "Start" to begin the conversion.

It is a little bit different with the mac versions. (I don't know what system you're running.)

From the file menu choose streaming/exporting wizard

Select Transcode/Save to File and hit next

Choose the file to convert, then the encoding type and the file to save to and you're done!