Backing up or "ripping" your CD's music tracks to your computer can be easily performed with the excellent freeware program Audio Grabber. If connected to the internet you can then connect to the online freedb database to automatically insert track and name titles. This saves a lot of time by not typing them in. It can also add id3 tag names to the resulting mp3 and/or wav files.
You need to add encoders, but many are freely available on the internet. Audio Grabber also has a built in player, a "checksum" verifier, normalization, external support for encoders, and a range of other settings. It can output to mp3, wav, or both formats.
I found you need to remember to create or select a folder to extract your files and choose which titles (e.g. artist name, track title, etc), under general settings. Also under mp3 settings, select what specific output - mp3 only, wav only, etc. If you only want to extract selected tracks, then select the little box right at the bottom left hand side to unselect all track names, and then tick the names that you do want to extract.
There is a range of settings (silence, offset, normalize speeds, etc), but I don't think you need worry about these in general. The program is fast and reliable to transfer your musical tracks as a form of back up - to save you constantly reusing (or worse, ruining or losing) your CD. If you want, you can progress further to extract audio from DVD VOB files to create music CD’s, by implementing similar software programs...