I get the feeling that tutorial you're working with is a bit backwards. The way to do it properly as far as I know is to just select the "Audio MP3" profile.
From the official VLC help pages:
Capture.JPG
What the author of that tutorial is doing is using the profile to export to h264 and then adjusting the settings so it only contains audio instead of the more usual "audio + video" and then saving it into an MP3 extension. That's also why I suspect they select WAV. All the other options will search for a video stream which will probably not work the way you want it to work when you stuff it into an MP3 extension.
It's like they try to move a box of stuff by taking the stuff out of the box then moving the box and then moving the stuff back in the box on the new location. Whereas what they could also do is just move the whole box with stuff and all.
One other explanation I can think of is that that tutorial you are looking at is so old that back then they didn't include the Audio MP3 profile yet. They do now so if you don't see it in your version. Update (or scroll down, there's a whole list).
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