BurningThumb’s “DRM Dumpster” is the legal way to convert DRM tracks from your iTunes music library to MP3 files. DRM Dumpster uses a CD-RW and iTunes itself to convert all of your DRM music files to MP3 files that you can use with any music player.
Using DRM Dumpster is easy:
• Launch DRM Dumpster
• Click the Dump DRM button
• Insert a CD-RW
DRM Dumpster does the rest for you. When the operation is complete you will have a new playlist in iTunes that contains the MP3 files.
– Mac OS X 10.2 or later
– A scriptable version of iTunes (DRM Dumpstrer was tested using iTunes 7)
– A CD-RW disk and CD Burner
More info and download link here