[Stream Recorder]

You can use freeware Exact Audio Copy (http://www.exactaudiocopy.de/en/index.php/resources/download/). It rips audio CDs to mp3 and other format very accurately.

You can also use freeware open-source CD ripper CDex (http://sourceforge.net/projects/cdexos/). It allows to rip Audio CD to MP3, AAC,...

You can even use your Windows Media Player to rip Audio CDs, but make sure to use MP3 instead of DRM-protected WMA files.

[bottleup]

Yes, Exact Audio Copy is the program to use. It's fast and accurate, producing perfect rips every time. Follow the guide at uberstandard.org to set it up properly for mp3 output.