[Terpfen]

The easiest way is to use iTunes.

The second-easiest way is to download a program called Easy CD-DA Extractor.

Both are free.

[ssaftler]

iTunes is the best. It will even convert any WAVs, WMAs and other audio files on your hard disk to MP3 format.

[raccoonradio]

I spent about $25 for ARWizard 3

This works well because you can not only convert CDs, etc., to mp3 format, but old cassettes or records. You use a simple cord to connect the cass. deck or turntable (1/8" cord going to computer, "RCA plugs" at other end). For CDs, you can use an external CD deck with the same adapter, or go right from the CD-ROM of your computer.