MAGIX Samplitude Silver is a totally free DAW that is not only a cracking entry level music sequencer but also has a very easy to use CD ripper in it.
It also has a free MP3 encoder in it and one that can be setup for various levels of "fidelity". I recently smashed a 20 minute stereo .wav file down to 18meg so I could attach it to an email to my son in France. 128kbps mono but he just needed the information.
I am, BTW still looking for an equally easy DVD audio ripper!
Dave.