How to monitor ogg or mp3 encoding output

[jonjonz]

I want to be able to do the following:

1. Use VLC to encode into MP3 or Ogg a live sound source on my computer (DAW output).
2. Be able to monitor in real time (or close to it) the the resulting MP3 or Ogg output/file.

Is this possible with VLC and if so how?

It seems as though VLC has some ability to encode MP3 or Ogg streams from 'live' input, but I can not figure out if there is a say to
listen to the encoded result in real time.


If not is there a way to achieve this with additional software etc.?