CDex 1.51
CDex is a tool to do all sorts of things audio related. Mainly focused on ripping and converting, things like turning your home Compact Disc collection into an mp3 collection on your hard drive become extremely easy. With built in support for many encoders you wont find any shortage of options for your media files. Below is a more in-depth explination of CDex features.

CDex Feature List:
Easy to use interface
Media File Player
Create PLS and M3U playlist files
Advanced jitter correction
Support for many file formats/audio encoders (WAV, MP3, OGG, VQF, APE, etc)
Support for ID3 V1 and V2 tags
Support for normalization of audio files
Support for transcoding of compressed audio files
Support for CDDB
Support for recording from the analog input line

Best of all CDexis entirely free! You will never have to pay to use the software or register in any way. Moreover, CDex is entirely opensource, as per the GPL Terms.