I use Cdex. I rip my cds at 224kpbs, 320 would be better but it just takes up more space and 224 is pretty decent. 192 and lower is too low.

I can rip a whole cd in about 2-3 mins so it shouldnt take you too long depending on your computer.

Winamp is the best for playing them too. I like version 2.80

Haoleb's Audio/DIY Website