You can use the free program CDex toeither convert to wav (with a big size
increase ) or add a wav header so that PowerPoint will accept and embed the
file. mp3 files can also be linked.
See the tutorials here
http://www.pptalchemy.co.uk/embed_mp3.html
http://www.pptalchemy.co.uk/embed_wavs.html

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> I down loaded music that I would like to add to a power point presentation
> (2007) and it would not allow me to use the file I have. The error message
> stated that the file needs to be a "wav" file. Can anyone tell me how to
> change a "mp3" to a wav file? I need to finish my project for school next
> week.
> Thank you for your assistance!