Record through your sound card. If you can play it then you can convert it to mp3.
1. Open PiyoPiyoPlayer and open the pmd file with it.
2. Install and open Audacity.
3. Set the recording volume to 0.12, and playback volume to 1.00.
4. Set the recording device to stereo mix.
5. If stereo mix isn't under recording devices then let me know what brand of sound card you have and I'll tell you how to fix it.
6. Uncheck software playthough in recording preferences (assuming that it isn't already unchecked).
7. Lower the volume on your physical speakers to preserve your ears (since playback volume has been maxed).
8. Make sure that no sound is emanating from any other open programs before you proceed.
9. Press record in audacity and then press play in PiyoPiyoPlayer (in that order, it is recommended that you have both PiyoPiyoPlayer and Audacity's windows next to each other so that you can readily access the play/record/stop buttons on both without touching the taskbar).
10. When the audio you wish to record has played press stop in PiyoPiyoPlayer and then again in Audacity.
11. Check that the recording matches the volume of the original. If it doesn't then play hot and cold with recording volumes until you hit that sweet spot. If the recording volume is too high then those high notes will be cut off, so it is best to get the recording volume right once and just leave it that way, so that you only have to set the playback volume to 1.00 to record at that same volume for every org file you record.
12. Remove the empty sections at the start and end of the recording.
13. Select the last few seconds and apply a fade effect.
14. At this point you should export to a wav file and then convert that file to mp3 using your converter of choice.
Replace "PiyoPiyoPlayer" with your music player of choice, and "pmd" with your music format of choice to apply this method to just about anything.