Now this Player can not only be used to Play just the Music Audio and Video but can also be used to Convert the Media File Types.So to use this Trick just follow the simple steps :
1) Open VLC Media Player.
2) Click on Media and select Convert / Save (Ctrl+R ) Option.
3) Now Add the Files by using Add Button on the new Window which appeared.
4) Now Click on Convert / Save Button and this will Open an Another Window.
5) Now select the Destination File and Profile ( Conversion Format ) as you wish.
6) Finally Click on the Start Button to Begin the Conversion and it is done.