AudioGrabber is a really superb piece of freeware which allows you to to rip tracks from your CDs so you can make your own personal compilations.
But it is MUCH more than that !
It is also a FREE MP3 ENCODER which can convert your WAV files to MP3 extremely rapidly.
In doing so it can reduce the filesize by an incredible amount.
The only thing you MUST do to get very high quality MP3 files is to download the LAME codec and install it in the same folder as AudioGrabber.
Once you have that you can create MP3 files up to 320 Kbits/sec.
I have used this free mp3 encoder and found that 192 Kbits/sec gives a filesize only 1/10 the size of the original WAV file, with very good quality.
At that size you could cram about 100 songs onto an ordinary CD !
Another EXCELLENT piece of free software.
