Sound Forge will do that for you as well - encodes in many different formats from 64 - 320 kb/sec as well as VBRs at low, medium, and highest quality settings. It's also a neat little editor (in only 2 tracks unfortunately) with many different options and effects including DirectX. I'm using ver 5.0, and (though an independant distributor) paid about $165 including shipping and everything. For specific info and product details
look here.
