I've been having some run this weekend ripping CDs to the MP3 format. My tool of choice is CDex, a GPL windows program, that easily converts Audio CDs to MP3. I even found my old Beavis and Butt-Head CD that I ripped as well.
Since Tivo added MP3 payback, I've been slowly building my MP3 collection from my outdated CD collection. It so much easier to playback music on Tivo instead of messing with CDs.
CDex is a tool to do all sorts of things audio related. Mainly focused on ripping and converting, things like turning your home Compact Disc collection into an mp3 collection on your hard drive become extremely easy. With built in support for many encoders you wont find any shortage of options for your media files.
Best of all CDex is entirely free! You will never have to pay to use the software or register in any way. Moreover, CDex is entirely opensource, as per the GPL Terms.