Even though ifo to mp3 conversion is searched by many users, it is actually not doable, simply because IFO files do not contain any multimedia data. These are just description (text based) formats and you have to look for .vro files that contain the actual multimedia data.
Updated: August 29, 2023
Unfortunately, there is no detailed software record in the database that match this conversion.
IFO
Files with ifo extension are mainly used for information files on DVDs, that contain data about chapters, location of audio tracks or subtitles.
MP3
The mp3 file extension is traditionally used for one of the most common types of compressed audio files, MP3s, which you can playback using almost any media player.