RE - RECORDING MP3's as MP3's

I can re-record using DISKWRITER, & the wav files are E.Qed & PACEMAKERED so I Dont have to do it again.The Pacemaker is a little noisy so i'm gonna re-record the ones i want & put them back in the playlist(EQ off too, or I'll double the settings)WHAT I'D REALLY LIKE TO KNOW is CAN I WRITE AS MP3 instead of WAV, is there an option(or plugin?) I'm runnin' low on space, & I'll have to RE-ENCODE wav-->mp3, will I loose sound quality?
ALSO, DISKWRITER writes fast & Icant hear it so I if Im Tweakin' the pacemaker,idont know where i am.
2: will Crossfader work? OR will Each winamp record separate wav's? HEY,that might work, & paste edit them together. EXEPT I CANT HEAR MY FADES until after its ALL OVER.
There has got to be a plugin for this,WINAMP seems to do EVERYTHING! While I wait, Im goin' to loop my soundcards OUTPUT RIGHT BACK IN & use a converter to encode as mp3.(My encoder doesnt pick up input from DIRECTOUT,I tried wave mapper,& I can see the signal,theres gotta be a way to do this digitally! all I needed before was a patch cord & its lookin' real tempting! Im off to RadioShack, Ill let u Know if it doesnt toast my Soundcard!

[gandalf]

There is a MP3 output plugin here: http://www.winamp.com/customize/deta...omponentId=177