Ok it's dead easy and free.
You can also create custom clips too.
Here's how:
first you need to setup itunes, done that? Most people probably have, so no setup import settings.
click edit, preferences.
Then import settings, set to AAC encoder and the bitrate you want, the higher the number, the better the qaulity.

- itunes import preferences.png (79.34 KiB) Viewed 300 times
now you've done that, you need to create the new version of the file.
Right click on the file you want to convert, then click "Create AAC Version".

- create AAC.png (32.45 KiB) Viewed 300 times
It usually only takes a second or two to do this, but for big files... it will take longer.
Now you need to find the file you created.
Right click on the original file and select "show in explorer" (this part is for windows users, I don't know about other platforms).

- show in explorer.png (27.95 KiB) Viewed 300 times
The file is usually the one post fixed with a number

- file loctation.png (11.07 KiB) Viewed 300 times
in this case the number 1.
And thats it, now copy that file(s) to you android device.