The option to make audio CD's, as jasen said, is built into iTunes. Once you make the audio CD, then just rip them to MP3's. You don't want to go from AAC to MP3, and then take those MP3's and burn them to CD. Doing that would cause you to lose quality for the CD you'd be carrying around with you.
~cdogg
"Insanity: doing the same thing over and over again and expecting different results." - Albert Einstein
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