Like Jelly said. Just go into winamp under options->preferences and select the Audio I/O tab. In this window you will see the available plugins for Input and Output. We're interested in the Output Plug-Ins. Change your setting from the Nullsoft WaveOut Plugin to the Nullsoft Disk Writer Plugin. Then hit the configure button to select the directory to which you would like to dump files.
Note: Be sure to set this back after you are finished, and be sure that you don't have Loop enabled!
--Zach
[This message has been edited by Zach (edited 08-29-1999).]