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This guide is intended to help you convert Real(R) Audio files .rm into mp3 files. Please Follow These Instructions Carefully.
Install Real Player
First off you need to have real player installed on your Mac. So head to Real Player site and install it. Once you are done, read on. You can get Real Player here.

Install FFMPEGX
Next you need to install FFMPEGX. This is a program that does conversion between many file types and its shareware. You can get FFMPEGX at http://www.ffmpegx.com/

Download and install ffmpegx and make sure you follow their installation instructions to the letter. You are also required to install mencoder, mplayer, and mpeg2enc which are third party plugins so please follow their instructions carefully.

Setting Up
-Create a new folder on your desktop and call it reallib.
-Go to your Applications folder, control-click on Real Player and choose Show Package Contents from the pop-up menu.
-Navigate into Contents -> Frameworks -> HXClientKit.framework -> Helix Plugins -> Codecs. Inside the Codecs folder should be 12 items. Copy all of them and paste them into the reallib folder you created on the desktop.
[singlepic=57,500,400,watermark]
-Move the reallib folder into the /Library/Application Support/ffmpegX folder.
[singlepic=58,500,400,watermark]

Example for converting a .rm file.
-locate the .rm file and rename it to include the .wav extension.
[singlepic=49,500,400,watermark]
[singlepic=50,500,400,watermark]
song1.rm should be renamed to song1.rm.wav
-Run ffmpegx and drag the song1.rm.wav file to where it says drop file here.
[singlepic=51,500,400,watermark]
-From the drop down menu where it says TO select Audio File to mp3.
[singlepic=52,500,400,watermark]
[singlepic=53,500,400,watermark]
-Click on the Encode button and wait a few seconds.
[singlepic=54,500,400,watermark]
-You end up with a new file called song1.rm.wav.ff.mp3 which is the newly converted real audio file.
[singlepic=55,500,400,watermark]
[singlepic=56,500,400,watermark]
Thats it.

I have setup a forum topic to help out with your questions. Click HERE to go to the forum.

Special Thanks to nibaq for the heads up and to the Anonymous who submitted it to macosxhints HERE.