CD Menu
 

Show CD Drive
This lets you toggle the CD Drive tab(s) being visible to not being visible, and vice versa.  A sub menu will pop up with a list of your CD drives so that you can select the desired CD Drive.  See CD ripping for more
Play/Stop Track
This will play the currently selected CD track.  Note that if you don't hear the music, you may need to adjust your Window's mixer settings.
Rip Tracks
This will start ripping the currently selected tracks from the current CD Drive.
Short Cut: Ctrl + R
Select/Deselect This Track
This will select or deselect the current track.  ( A selected track will have a check in it's checkbox and will be ripped when "Rip Tracks" is pressed.)
Deselect All Tracks / Select All Tracks To Be Ripped
This will select or deselect all tracks.  ( A selected track will have a check in it's checkbox and will be ripped when "Rip Tracks" is pressed.)
Edit Tag Information
This will edit the CD tag information for the currently selected track.  See more on this
Mark All as Uncopied
This will allow you to re-rip any tracks that you've already ripped.   This is useful if you've ripped the songs in the wrong format, etc. 
Look Up Album Info
This will look up the song track information for the currently selected CD drive.
Erase CDRW…
If a CDRW is in the CD/DVD writer, this will do a quick erase on the CDRW .  (This may take up 2 minutes)