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using windows media player 10 to encode/rip CDs

Yes.

Exact Audio Copy offers better ripping quality and a free choice of any music encoding. If you're going to rip your CDs, then be sure to get all the bits. Use EAC.
 
EAC rips the audio. You can configure external encoding algorithms to encode MP3, Ogg, MPC, WMA or wahatever.

Funny you should mention data loss. I'd suggest that you use FLAC. That is a Free Lossless Audio CODEC.


http://www.hardforum.com/showpost.php?p=1026218339&postcount=25

The reason that his method is good is that even if you lose the CD, you have a perfect backup (bin+cue) of the CD image availible, and can burn a new copy.
 
I recently began converting and have saved 20gb of space so far backing up to flac instead of wav). Plus, unlike WAV files, FLACs have tags.
 
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