Oh hrm I see a sticky thread about encoding in lossless format. Maybe that would help me :/. I am sorry I didn't see that thread sooner.I recommend to use the freeware Exact Audio Copy (
http://www.exactaudiocopy.de/) to rip your audio cd (in secure mode without cache, see the doc or better, search for a tutorial about it). It can rip to WAV (for later compression), or directly compress after the rip, in a choosen format (FLAC, MP3, MPC, ...)
To compress the tracks, I guess mp3 format using join-stereo and a variable bitrate in quality 1 or 2 should be enough for almost everybody. You can made it using the compiled LAME (it containing both DLL and EXE) :
http://www.exe64.com/mirror/rarewares/lame3.97.zip
edit: I didn't tested it yet myself. If you need the 3.96 for some reasons, I can post it, since I've lost the origin's url.
I using myself the executable and the command line (instead of the DLL) to compress the WAVs after the rip, but it is just a choice matter I guess. (I have some bad feeling about the dll, but I forgot why)
There are documents inside which explain I guess the difference between join and stereo :
JOINT STEREO is the default mode for stereo files with fixed bitrates of
128 kbps or less. At higher fixed bitrates, the default is stereo.
For VBR encoding, jstereo is the default for VBR_q >4, and stereo
is the default for VBR_q <=4. You can override all of these defaults
by specifing the mode on the command line.
jstereo means the encoder can use (on a frame by frame bases) either
regular stereo (just encode left and right channels independently)
or mid/side stereo. In mid/side stereo, the mid (L+R) and side (L-R)
channels are encoded, and more bits are allocated to the mid channel
than the side channel. This will effectively increase the bandwidth
if the signal does not have too much stereo separation.
Unfortunately, it didn't containing the part where it says that JS can be used everytime and recommended instead of STEREO. I lost that document.
I think that I should write some tutorial about it, someday.
Hope this help.
edit2:
Quick starting tutorial for EAC : (I agree it excepted the part of Compression Option)
http://www.nightmedia.net/docs/convertmp3.html
The ultimate guide about EAC (I guess) :
http://roozster.info/eac/total.htm