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Audacity question

Ok here is the question:
I have recorded a song put it on CD and want to do some editing. My friend got me a copy of Audacity and it will not take my file because it isn't an mp3 or wave file, but instead is uncompressed audio. So, I can't get it into the program. Is Audacity any good for doing final editing? If so, how do I convert my song to an mp3 or wav file?

What would you buy for your front end for $12,000

Alrighty...I'm going to raise $12,000 to buy some nice analog and A/D front end for my personal Studio. If you have 12K, what would you buy as the ultimate front end for the price. I'll try to get bargan prices on ebay and buying local since my area (San Francisco bay area) seem to have lots of equipment floating around.

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