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The easier way, provided it can be done with your file, is to use QuickTime Pro to extract the audio track, and export it to AIFF (or similar audio format). Then, use iTunes to convert to MP3.
thanks - your suggestion helped me to get to my final solution. Here it is....
1) Drag the clip or quicktime movie into iTunes. It will play as a normal song (file) however it will still be a quicktime file and will be very large.
Next....
2) Go to: Advanced/convert selection to MP3 - there will now be another file with the same name that will be an MP3 file.
3) Delete the original quicktime file that was imported.