Pazera Free Audio Extractor is an absolutely free application that extracts audio tracks from video files without loss of sound quality or convert them to MP3, AAC, AC3, WMA, FLAC, OGG, M4A (AAC/ALAC) ...
In your bitrate range MP3, Ogg, AAC and WMA are all transparent, and thus your only remaining criteria is compatability and hardware support. Given that, you should absolutely use MP3.
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