My question is exactly as is mentioned above. I have a set of files names 1.mp3, 2.mp3 and so on that I have to convert to mono .wav files. I know how to do this in audacity. But is there any faster way to possibly achieve this??
It depends on which platform you use(i.e., Windows, OSX, Linux).
Assuming Windows, you can use this: http://www.softpedia.com/get/Multimedia/Audio/Audio-Convertors/Free-WAV-MP3-Converter.shtml
Don't install any of the extra stuff. Be forewarned - converting from MP3 to WAV is going from a lossy compression to a lossless one, and won't sound that great.
Online you can do them one by one with: http://www.zamzar.com/
or any of a million other online file conversion sites. This will necessarily be just as slow as using audacity.