No. Midi is a digital music sheet - MP3 is sequence of audiowaves.
Think of MP3 as a recorded CD, and midi as a music sheet.
Your soundcard uses some built-in synths, to play these midi sheets - so depending on what soundcard you have the outcome might also differ - but you will never be able to save a real recording into midi.
actually you are wrogn you can. open a midi in sonic foundry's acid pro and save it to wave. it sounds exact no loss in quality someone told me about it the other day its freggin great
There are one or maybe two programs MOTAR has seen that will convert sounds in a wav file file and pull out the sound that say a guitar could have made and spit out some really lousy midi files. They might be interesting for musical inspiration, but as a general rule the results are not what people want and normally they sound like crap.
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