Youtube is a site that allow us to watch movies, songs, documentary, news and etc... Myself personally use Youtube for an entertainment, music and its almost everyday.
Before this, I totally have no idea on how to convert Youtube to MP3 Format, until i found this useful site:
How To: Download MP3 from a video
Enter the URL from any YouTube, MyVideo, Clipfish, Sevenload, Dailymotion or MySpace page, click 'Convert' and this application will quickly grab the flash video file and extract the audio as a downloadable MP3. Depending on the size of the file, it may take a minute or so - please have patience.
So now, everyone can enjoy converting online videos to MP3..