The slightly more advanced (and the best) is Exact Audio Copy (EAC).
It does a 100%(or as close to it depending on the quality of your CD) copy of the music that is on the CD. Audiocatalyst doesn't do a very good job of it (slight problems here and there...)
EAC coupled with LAME or Ogg Vorbis is a potent mix.
LAME is a mp3 codec which is by far the superior codec available atm.
Use the r3mix settings for a high quality rip. Latest LAME binaries
Ogg Vorbis is a Open Source, 100% license free music standard that is on par with mp3. Its starting to gain some fan base but not quite the same amount as mp3 =P.
Ogg Vorbis on Quality Setting 6 is the same as LAME r3mix settings. avg 192kbps. Ogg Vorbis
If you or anyone else wants help with this stuff feel free to drop a line =)
audiocatalyst rox my box.. i think that program rips ass, ive never had a prob, going to xp installed the aspi layer from adaptec and ripped away.. rippin songs at 10secs a pop is pretty sweet, but ive used it for ages so im pretty bias, i think wmp8/9 with the mp3 addin rox aswell, actually i use that more often these days