I suppose it's from an audio cd. You have to rip the track off the cd using dmc audio cd input.
You may want to rip first to uncompressed wav and then experiment yourself with various compression settings.
If it's just voice, you can use mono or joint stereo and that uses half the space of the full stere file.
Then you can probably safely go to 48 or even 32kbps though you'd probably get better quality using wma rather than mp3 at the same low bitrates. Wma can take you to 20kbps.
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