DVDVideosoft.com provides this great software that is incredibly powerful, intuitive and free. ?The only shortcoming is that it only works on Youtube videos.

I particularly like finding rare songs on Youtube and reducing them into high quality MP3′s that are immediately dumped into an Itunes folder that is automatically added to my library and therefore onto my Ipod.

Now I just need to find an MP3 editor of some kind that lets me trim the audio like one does a video.