First of all, launch your vlc media player on your pc after installing it.
Click on the "Media" tab to the top left hand side of the player and click on Convert/Save from the drop down that follows. Follow the image below for more guidance.
In the menu that follows,
1. Click on add and browse through your PC to select the file that you will be converting.
2. Click on "Convert/Save" when done.
It takes you to another menu where you will do your final settings.
3. Click on the box to see a drop down of the file extensions you can possibly convert your file into. I chose Audio-Mp3 in the image below.
4. Click on browse and select the output destination and the file name. The output destination is where your file will be dropped after the conversion process, with the name you chose.
5. Click on start and wait for a few moments depending on the file size.
So the next time you download a video from YouTube and your phone cant play it, or you need to convert your favorite video into audio format, VLC is at service.
Keep your eyes on the forum for more simple tricks.