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Rather interestingly, there are actually a number of commercial products that will convert from the audible DRM to non DRM versions. The ones that I use, use iTunes to convert the files. I'm on a Mac, but one of the packages I use has versions for both the Mac and windows. As far as I can tell it works fine. I don't know if I can actually name the software that I use, but a little googleing should be able find several. I believe that the lifehacker blog reviews several. The company that makes the product that I use, also has a product that deDRM's iTunes movies.
It converts much faster than listening, but it does take some time. I generally will kick off the conversion before I go to bed at night. For the most part, I normally convert the files and put the converted files on a raid drive for safe keeping. Oddly enough (or maybe not so odd), being able to deDRM files (be it ebooks, audiobooks or digital movies) means that I buy more since I'm not worried about losing my media if the providing company goes belly up.
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