I finally found a way to do this.
1.Have a Stereo file open in Wavepad.
2.Click the Edit Button on upper section – NOT in the Main Menu.
3.Edit > Split > Split into component Channels
4.Both L & R files appear on screen – one on top of the other.
5.With one of the files [either L or R] appearing screen – File > Save File
6.It asks if you want high quality – choose Yes.
7.It now Saves L or R, whichever one on top.
8.Now click this file OFF and the file underneath appears.
9.Do the same procedure for the bottom file and now you have Saved both the L & R file onto the desktop.