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Just extract audio from a video, you can find the audio list on top of Download list, share it in iTunes, then connect your iPod to computer, launch iTunes, locate to yourname's iPod > Applications, find and click MediaBurner, you will see the audio list on right side, copy it to your computer, now you can do anything(drag to library, drag to ringtons etc.) to a audio file normally.
Just extract audio from a video, you can find the audio list on top of Download list, share it in iTunes, then connect your iPod to computer, launch iTunes, locate to yourname's iPod > Applications, find and click MediaBurner, you will see the audio list on right side, copy it to your computer, now you can do anything normally(drag to library, drag to ringtons etc.) to a audio file.
Yes, you can.
Just extract audio, you can find the audio list on top of Download list, share it in iTunes, then connect your iPod to computer, launch iTunes, locate to yourname's iPod > Applications, find and click MediaBurner, you will see the audio list on right side, copy it to your computer, now you can do anything normally to a audio file.
The latest version 1.7.1 (compatible with iOS 5) has been submitted to Apple for review, just wait for a while.

It will be fixed soon, Im working on it, please wait, thanks for your report.