FMOD is not an encoder. It is merely an embeddable audio player and recorder, designed–for the most part–game development. Should you want to save FMOD’s recorded data to an MP3 file (or any other format file, for that matter), you’ll need to look for an encoding library.
i ve written a very basic encoder using fmod (just for testing the fsound_sample_lock/unlock func), it can encode wav to mp3/ogg, ogg to mp3/wav en wav to mp3/ogg but be aware, it doesn’t resample datas so the song must be set to the same frequency (ie : 44100 hz) :
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