If you plan on trading with friends, most prefer .mp3, but sometimes for smaller file size for personal use shit Windows Media does it.
Simply insert CD > Click Copy From CD (blue menu on left) > select tracks > Click Copy.
It puts the files in organzied directories in your 'My Music' folder, even screenshots of the discs if it has it in its database, all track names etc are storied as well.
A pirate turned me on to
http://cdexos.sourceforge.net/downloads.php
that's what I use now.
Windows media burns .wma's CDEX burns .mp3 and does much more.
Good luck,.