XRecode II Portable is an audio grabber and file converter that is free to download and has a very small size (9 MB). Although the XRecode3 version was released earlier this year, the earlier version is still remarkably reliable and covers a wide variety of audio-related functions, particularly given how much you get without having to pay. The program's primary claim to fame is the sheer number of different file types that can be converted; in essence, if you need to convert an audio file from one type to another, you'll almost certainly be covered.
In addition to converting audio file types, this program allows several files to be merged together into a single large audio file. It has support for LossyWav and both 24 and 32-bit audio files as well. There are several other features built in as well, such as the support for embedded CUE sheets and splitting MP4 and mka by chapters. It's also fairly easy to use, although the Wiki and forums tend to focus on the newer version.
One interesting aspect of XRecode II Portable is that, since (as the name indicates) it's portable, it can run directly from a USB drive; it doesn't have to be installed. It's also worth noting that the UI can be resized, so it'll fit nicely onto desktops, laptops, netbooks, and so forth.
Covers a huge variety of different format types.
Overall the program is easy to use for any audiophile or somebody looking to convert their media files, so it gets my recommendation.