When I save my songs to my shared folder, they save as an MPEG instead of mp3 format, which I need. Can anyone help? Thanks in advance!

Are you downloading files with a .mp3 extension? File extensions shouldn't change! If you're sure you've downloaded .mp3 files then I'd suggest a virus scan. Update your AV & do a scan, or try this free AV...it's pretty good & has found viruses that others miss.
AVG Free Advisor: AVG Anti-Virus Free

yes, but when I look in my shared folder, they show up as MPEG...

You're too quick & missed my edit
Try doing a virus scan...check my first post again!

Do the files play?

I am extremely new to this site, and a not familiar with this process yet I guess. Sorry for the dumb questions, and thank you for your help.
When i "download" and it goes to my library, it automatically saves to a
"shared" file on my computer. Should I leave it there or save it somewhere else?
I am using a Photoshow program that requires the mp3 format to upload ans use with my photoshows, but when I am searching for the songs I just downloaded, they don't show up anywhere...

Oops Sorry! I am running the scan now to see if it helps. Am I doing things right otherwise?

I use the default location for saving, some other people change their location. For me, the default is fine.

I don't know anything about Photoshow, but if you're file extensions are changing after download it sounds fishy to me Are you scanning with your regular AV or with AVG? If you're using your regular AV & it doesn't find anything, use AVG as well. It's free, safe & if you don't want to keep it after you've scanned then just remove it.

There are heaps of infected files on the network & you really have to be careful with what you download. Check that files don't say "name of song.mp3.exe"...that's a trap. Or .wma.exe. Check your file sizes too...if a song's 3 minutes long & has a file size of, say, 228 KB then you know it's a nasty! Make sure you're using a good AV program, keep it updated & scan all files that you've downloaded before opening them.

Have a read of this thread, there's some useful info.
WARNING: Viruses on the network you should be aware of

Your questions are fine Don't be afraid to ask! Also check out the stickies (in red) in the different forum sections, they have heaps of useful info & tips.

Do the files play when they're in MPEG format?