I re-encoded most of my CDs to ogg to get smaller file sizes. I am impressed with the sound I get at files encoded at 128; they're much better than mp3s at that level. File sizes are about 1/2 to 3/4 the size of an mp3.
You need a
ripping/extracting program to
extract the files (burning refers to writing to a CD-R or CD-RW disc. An excellent and free program is
CDex. It has several other good features as well. Another good program (not free) is
Easy CD-DA Extractor which is very easy to use.