I have some great live performances that I have saved to Video from youtube that I would like to burn to an audio CD...

Right now I have Mplayer as the only video player installed, is there a way to do this in Mplayer? Or would VLC be the way to go? Or do I need another package that does this?

Oh and to be more specific, I just want the Audio tracks for this, I am not wanting to convert the flash to a DVD, just rip the audio.

This is rather simple with ffmpeg, in it's simplest form, this will re-encode the audio to mp3 and discard the video.

Thank you very much Jerome. Do I also have to specify in terminal the exact file that I want to rip?

Yes like say I wanted to convert the file cool-song.flv and it's in ~/Videos, and you wanted the new mp3 file to end up in ~/Music.

~/ stands for the current users home directory btw, (so for me ~/ is the same as /home/jeremy/)

Oh ok, great... that sounds easy enough.

Thanks again for the help.

You could also use FFmpeg to copy the audio stream without re-encoding. This will preserve the quality:
Re: How do I remove sound from a video file?