There are a lot of "exchanges" that you can find that will convert a BitCoin to the current value in your local currency.
This site tracks the exchange rate, volume and bids/ask on various popular exchanges: http://www.bitcoincharts.
Since all these exchanges are still very nascent, and since PayPal has stopped allowing people to get paid via PayPal (see Why is Paypal freezing all accounts selling Bitcoins?) – it's still a semi cumbersome process.
Although the community is very good about being vocal for any issues, you should be cautious and do your research before you execute any large transactions.