If you want the easy way, download iTunes from Apple and encode (using error correction) in AAC 160, 192 or 224 (set one of those in the preferences and click import). If you want to use MP3, iTunes does that also, however it doesn't use the LAME encoder most prefer. A program many like is the ripper EAC (Exact Audio Copy) that is also a nice front end for LAME. Hydrogen Audio has a ton of info.
Generally AAC, or more accurately AAC can get the same quality sound at about 25-30% smaller bitrate. That said the LAME presets are very well tuned and can compete with AAC (and other newer codecs like Ogg).
I may be a newbie on here, but I've done my share of EAC ripping using -alt preset standard. EAC does take some setting up, but once its all set to go, its painless.
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