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Don't know about iPhones but it should come up on a PC(?) as storage device using Bluetooth. Thus you can just copy over the audio file.
You can use Audacity to edit it as it will open most things then export it as a.wav To get this as an MP3 a nice program is MAGIX Samplitude Pro X Silver since this allows you to convert into the best format of 320kbps.
Running the audio out from the headphone socket and into a PC 1/8" input jack in real time is the worst way for good quality.
Another excellent audio editor which I happen to have is Adobe Audition 1.5.
Dave.
VLC can do it
http://www.wikihow.com/Rip-DVD-Audio-to-MP3-Using-VLC-Media-Player
- tells you how to extract to mp3, but you're better to do it to FLAC or something to avoid transcoding (or to just copy the stream and keep the same audio format, which is a little more complex, but not much).