Here is the script to convert a WAV file to a MP3 file quickly. This is my first foray into the world of shell scripts and I quite enjoyed it.

#!/bin/bash

# Title: 		wav_to_mp3.sh
# Purpose: 		Converts all WAV files present in the folder to MP3
# Author: 		Karthic Raghupathi, IVR Technology Group LLC
# Last Revised: 2014.01.28

# references
sox="/usr/local/bin/sox"
sox_options="-S"

# variables
source_folder="${1:-.}"
destination_folder="${source_folder}/mp3"
environment="${2:-DEVELOPMENT}"

# check to see if an environment flag was supplied
if [ $environment = "PRODUCTION" ] || [ $environment = "production" ]; then
	sox="/usr/bin/sox"
	environment="PRODUCTION"
fi

# print all params so user can see
clear
echo "Script operating using the following settings and parameters....."
echo ""
echo "which SoX: ${sox}"
echo "SoX options: ${sox_options}"
echo "Environment: ${environment}"
echo "Source: ${source_folder}"
echo "Destination: ${destination_folder}"
echo ""

read -e -p "Do you wish to proceed? (y/n) : " confirm

if [ $confirm = "N" ] || [ $confirm = "n" ]; then
	exit
fi

# create destination if it does not exist
if [ ! -d "${destination_folder}" ]; then
	mkdir -p "${destination_folder}"
fi

# loop through all files in folder and convert them to
for input_file in $(ls -1 $1 | grep .wav)
do
	name_part=`basename "$input_file" .wav`
	output_file="$name_part.mp3"

	# create mp3 if file does not exist
	if [ ! -f "$destination_folder/$output_file" ]; then
		$sox $sox_options "${source_folder}/$input_file" "$destination_folder/$output_file"
	else
		echo "Skipping ${input_file} as $destination_folder/$output_file exists."
	fi

	
done

Cheers and stay classy!