mp3 files have more than just audio in them, there's also the tag which stores the artist, song name etc. presumably as text but even then, there hasn't yet been a virus that I know of that's spread inside an mp3 file.
I'm assuming that you do mean a virus inside a file which has the suffix ".mp3"
A virus could be embedded in an mp3 if a particular player was exploitable (ie, in certain conditions a buffer overflow could occur). As far as I know, this has never happened though (surprising considering MS have an mp3 player ;o)