1. Have Photoshop already open, and click on File>Scripts>Image Processor.
2. Select either the open images, OR select an entire folder that you'd like to convert into JPEG.
3. Select the location that you'd like your photos to be saved in. If you would like them saved in the same location, this option will automatically create a folder called "JPEG" inside of your folder holding your original RAW images and it will save every new JPEG image as a duplicate inside the new JPEG folder. This will not delete your RAW files. They will still be in your original folder. If you want them saved elsewhere, then select that location.
4. Select the type of file/format you'd like to save your photos in. I needed JPEG because the photos I converted are going to clients and I wanted to make sure that whatever type of computer program they have, that their computer will be able to read the files. However, you can select TIFF or PSD files here, as well as make some adjustments to file size. (Note: JPEG, TIFF and PSD can all have their pros and cons depending on what you plan on doing with the images. Make sure before you convert them all, you've researched which format is going to be best for your needs.)
5. Lastly, if you are applying actions to your soon-to-be JPEG files, choose which actions will apply to your photos.
6. Click on Run up in the top right-hand corner, sit back, go make yourself some coffee, and let the magic happen...
I'm pretty sure we did this differently in college, and there are probably several different ways to batch convert a large number of images. However, if you simply need to convert them to JPEG, TIFF or PSD, then this is a foolproof way to do it in CS3.