QUOTE(kornchild2002 @ Nov 4 2007, 18:13)

You can install a couple different versions of Linux on the PS3, I recommend Ubuntu since it uses less memory to operate. I have installed both Yellod Dog Linux and Ubuntu and found the Ubuntu installation to go faster and the OS itself ran a little smoother. Just keep in mind that it probably won't be any quicker than your computer. The PS3 has 256MB of graphical memory and 256MB of RAM to be used towards the processor. Linux developers are locked from using the PS3's graphical memory. This means that the processor's 256MB is used for both processing and graphics. 256MB of RAM really isn't enough to do much and now you must use less than that. Not to mention that there really aren't any applications that will take advantage of the PS3's cell processor either.
So it could very well take 10 days to encode your lossless audio using the PS3 and Linux. There isn't any other way to do this and the Xbox 360 cannot run any custom commands or OS's.
Could the Nero aac encoder be gotten to run on this? Next obstacle is NTFS support.