...but Telexen is on the money. I use Exact Audio Copy to rip to wav, then EasyLAME to convert to extremely high quality VBR MP3's. But understand that I listen to my Nomad Jukebox through a separate high-end headphone amp and a pair of Sennheisers. (Normal people don't need this aggravation!)
So I vote for CDEX. It is simpler, works well, it's free, and has been successful with every drive I've tried it with. It includes LAME which is the free encoder of choice.
Note that I find I must install an ASPI layer to get CDEX and EAC to work properly under Windows 2000; I haven't tried these with XP.
Audiograbber was the first ripper I used, I even PAID for it. I rarely use it these days although the AG folks say it is the best to use with copy-protected CD's. (I can't say if that is true.)