The short answer is "You can't". It *is* possible, but the MP3 format is proprietary, so if you created an MP3 you could be facing a lawsuit. There are plugins and libraries that offer MP3 export functions, but you'll probably pay quite a bit for them, since they also had to pay for a license to use the MP3 format.
I can't help you with this either, but you might consider OGG (Ogg Vorbis) format. It's a smaller file, and slightly better quality than MP3. Plus it's OGL, so it's free.