How to convert .Flac to .mp3 or .wav file

You need to have Winamp and Flac support plugin installed in your PC. Open Winamp, go to preference, find out output section in the left.
Select Nullsoft Disk Writer. Click Configure, and select the source folder as destination (u can set it whatever you like). Next check the conversion menu in the right side of the screen, select whatever output type you wish to generate. For most of my work, I use CD quality output. Close the preference screen.
From Winamp file menu, open the file/directory of the music in .flac format and hit play. Winamp will output the result in preassigned directory (no sound output in your speaker during the conversion). Once finished, make sure to go back to preference menu and select Directsound as your preferred output method.
On a side note, I believe you can convert any sound file to .wave/.mp3 by this method.