From BurningThumb Software:
DRM Dumpster is the way to automate conversion of iTunes DRM tracks from your music library to standard music files. DRM Dumpster uses a CD-RW and COM to script iTunes to convert all of the DRM music files in your library (or in a play list of your choice) to files that you can use with any music player. With DRM Dumpster you can create MP3, AAC, Apple Lossles, AIFF, or WAV files from your DRM files. Since DRM Dumpster supports any iTunes importer, you need to make sure that the settings for the importer that you want to use are correct before running DRM Dumpster.