It will.
You just have to set the number of channels to 1.
Click Media, Convert/Save
Make sure the File tab is selected and click Add.
Browse to the file you want converted and hit OK. It should be listed in the dialog box.
At the bottom where you have the Convert/Save button, hit the down arrow and hit Convert at the bottom of the menu that pops up.
A new box will appear. At the bottom (in the Settings section) is a drop down menu listing formats. Pick something like MP3 or OGG - right next to that is a icon with tools on it (it's called Edit Profile ) Click this. You'll have 4 tabs. Click audio codec. Set the number of channels to 1. Click save to return to the previous dialog (the convert one where you picked the audio format,) Above the audio format is a section to name the file to save it to. Browse to where you want to save it, name it, click OK and then Start (which is in the bottom right, next to cancel. )