http://www.macworld.com/article/165594/2012/02/use_itunes_to_rip_audio_from_videos.html#lsrc.nl_mwhints_h_crawl
If you select a video in your iTunes library—this could be a music
video, TV show, or concert video—and look in the Advanced menu, the
Create AAC Version menu command is dimmed. (The format might be MP3 or
Apple Lossless, depending on your import settings in iTunes' General
preferences.) But if you press the Option key, this menu item changes to
Convert to AAC (or, again, MP3 or Apple Lossless, depending on your
settings). Select that command, and iTunes will happily rip the audio
from the video.
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