guys, really really need your help

with the coming of the new year, i've planned to post some videos on youtube. on 1.1.08, i've recorded a video using my Sony Cybershot DSC-T200. The file is .mpg with a size of 126MB. During the recording, I've also recorded separate audio tracks (.wav format) with a size of 60MB each for guitar track & vocals.

i've also created the final video using the Windows Movie Maker and the result is a 126MB video in .wmv format, running approximately 6 mins. when i tried to upload the video in youtube, i was prompted that the file should not be more than 100MB and not more than 10 mins. so, i use WMM again and compressed the file size to 97.3MB, also in .wmv format. when i tried to upload again, it seemed that its taking ages to do so. so, i checked at the youtube's help centre, and found out this:

We recommend the following settings:

* MPEG4 (Divx, Xvid) format
* 640x480 resolution (* most updated recommendation)
* MP3 audio
* 30 frames per second

Resizing your video to these specifications before uploading will help your videos look better on YouTube.

to comply those, what software do i need to use:

1) to convert the .wmv format to MPEG4 with those resolution & 30 fps?
2) to convert the .wav format to MP3?
3) any other simpler way to do so?

thanking u guys in advance for your professional advice. happy new year!!