VLC will play mpeg4 files. However from your post I am unsure if you are wanting to make the MPEG4 files into mp3 files to put on CD to listen to.
If this is what you wish to do then it can be done quite easily using click here DBpowerAMP. Of course this is providing the MPEG4 files are audio files and not video MPEG4.
These can then be burnt using NTI or the free click here CDBurnerXP Pro3.