Audio Converter Pro makes it very easy to rip audio CDs. Simply right click on the entire CD or an individual track and select "Convert To" and then select the audio format. One way to do this is to put in an audio CD into your CD drive, double click "My Computer", followed by double clicking the CD drive and then right clicking on a "Track 0X.CDA" to rip a single song. (To rip the entire CD, right click on the CD drive and select "Convert this folder's audio files to", followed by the format.)
(Note that for every track, the software creates a temporary WAV file and then converts it to the appropriate file format.)
You can also use MP3 CD Burner or DJ Twist & Burn to rip CDs.