OK I have done it,
It took 20 minutes..
I used Mark's tutorial
at http://www.gllabs.org/wiki/doku.php?id=geeklog:utf-8
I downloaded ICONV with Darwin ports on my OSX machine.
I Used BBedit to change the Latin to utf-8 encoding (96) occurances in the text file.
Verified the output with ICONV
Uploaded the result to the new database
Changed the database that the site uses...
Done...
Thanks Everyone...