Yes, you can convert Audible files to MP3 or M4b. Given our restrictions here, which are not as strict as they once were, but are still significant, I can't post exact instructions. Nor do I know of a single site that has it all in one place.
However, hopefully I'm within the restrictions to say that a combination of dbPowerAmp (an excellent program for very high speed conversion between different audio formats) and a copy of the old Audible Media Player Filter (GIYF) can do the job. On a 4 year old HP laptop, running 64-bit Windows 7, it took approximately 5 minutes to convert a 20 hour book. (4 processors engaged at 100% for 5-6 minutes.)
Also, starting with Format 4, the output sound quality was quite acceptable. I prefer to convert to m4b rather than MP3, since they get treated as audio books, not songs.
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