Convert Your Audio Stream to MP3 in Your TS File with VLC
One issue I've had trouble with in the past is encoding a .ts file with an .mp3 audio stream. Typically I would use either an .ac3 audio file or an .m1a audio file, but my client specifically needed an .mp3 audio file for the audio stream. At the time I was unable to purchase any new software that would enable me to complete that task. I was also unaware of any software I could have purchased that would help me complete that task. So I was stuck. Luckily, one of my friends mentioned on Google Wave that they had used VLC Media Player to strip out audio from their video files and replace it. With that knowledge (and a quick phone call to get my friend to walk me through the steps he took to do this), I opened VLC Media Player to see if I could make it work with my .ts file.
So, I opened my .ts file with VLC Media Player. Then I went to "File" and opened the "Streaming/Transcoding Wizard". From there I selected Transcode/Save to File. Then you can either select a stream from somewhere on your computer, or if you opened the file in VLC Media Player you can choose to use an existing Playlist Item. On the next page you'll be asked if you want to Transcode the Video and/or the Audio. Just select the Audio (VLC Media Player does not do a good job of transcoding video). Once you've selected the audio, you can choose whichever Codec you need (in this instance for me it was MP3) and you can select a bitrate at which you want the audio to be encoded (you can choose a higher rate than the audio files current bitrate, but that's not going to improve the quality). On the next page you'll be asked which Encapsulation format you want to use and there you select MPEG TS. Then just select where you need to save the file and allow VLC Media Player to do the hard work.
Go here to download VLC Media Player: http://www.videolan.org/