[root@fatbeast ~]# yum install audacity
[root@fatbeast ~]# yum remove audacity
A little judicious searching leads me to the Audacity-freeworld package which allegedly does include mp3 support.
[root@fatbeast ~]# yum install audacity-freeworld
A bit of fiddling and hey presto...sample extracted as mp3 for my phone!
At some point I'll add some instructions/screengrabs here if I remember!