I'm a tracker myself and I must say that it isn't as simple as you guys let it turn out to be. If you convert a mp3 to a wav file, it's about 40MB, you can take the entire wav file and treat is as a sample in a tracker, but who wants to download an *.utx file of 40MB, let alone that UT can play such a big thing. What you should do is sample all the instruments that are used in the mp3, load them in your tracker and then just track the notes that are used. It could be that there's somekind of utility which does a part of this, but I don't quiet see how it would be possible to recognise automatically all the different samples used in a wav file and convert everything into the right notes, volumes, panning,...
My point : Don't get your hopes up on this. It's a lot of work doing this. UT does still use the tracked format (mostly IT or S3M) cause you can make the music context sensitive (you can use a trigger to switch to a different pattern in a song) an the scene is still very much alive. It's true though that MODs (that's with 4 channels and 8 bit samples) aren't used anymore. Impulse Tracker songs on the otherhand can have as many channels as you like (there is a limit, I think 256, depends on your cpu) and can handle 16bit samples. The difficult thing in tracking for UT is to see that you don't use too much channels, you need all to cpu power you can have for your inf'ing.
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Name : Andirez
Status : INFiltrated the messageboard