Hi Wendy:
There is some talk that the RAX format is a "protected" format and can't be dubbed, saved, or converted. (Real uses some protected formats for baseball games, etc.)
However, TOTAL AUDIO CONVERTER claims to be able to deal with the RAX format. It's shareware ($20), but there's a free trial download available that seemed to be fully functional. It installed and uninstalled fine. It did not appear to contain any viruses, spyware, or adware. It would not install on Win95.
http://www.coolutils.com/TotalAudioConverter
If you try it, please tell us how it worked on your RAX file.
Jerry