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Really, there are a lot of freeware programs that can do that.

Exact Audio Copy is a CD audio grabber that supports SCSI as well as ATAPI CD-ROM drives. It features Jitter correction and 3 levels of extraction - Secure, Fast and Burst extraction methods. It uses the Windows Audio Compression Manager (ACM Codecs) for direct compression and offers additional support for the BladeEnc DLL. Additional features include Batch compression and decompression, detection of silence in pre-track gaps, filename editing with local and remote CDDB database and cdplayer.ini support as well as ID3 tagging. Exact Audio Copy also offers CD write support for some drives and can automatically detect drive features. The program comes with a setup wizard that asks you plain english questions, rather than technical details, so it is well suited, even for newbies. Certified Escient CDDB(TM) Compatible. A very nice and feature rich program!
Download: http://www.exactaudiocopy.de/

Focus Free CD Ripper lets you extract audio tracks from your music CD and save them in WAV, MP3 or OGG format to your local disk. It offers CDDB support to retrieve album information and can automatically name the extracted files, based on the artist and song information and apply ID3 tags. The program also includes a player with 5 band equalizer and audio file browser. Easy to use with an attractive interface.
Download: http://www.focussoft.net/

CD-DA X-Tractor is a CD ripper that features intelligent jitter correction, internet CDDB support, on-the-fly MP3 encoding via BladeEnc or Lame_enc and more. CD-DA X-Tractor makes use of the AKRip CD-DA Audio Extraction Library. The program comes with an very easy to use interface and quiet a few advanced options tugged away in the configuration dialogs. Additional features include Bitrate settings, VBR quality, M3U playlist support and more.
Download: http://xtractor.sourceforge.net/

Dark-e.com Ripper can make CDs into MP3's. The MP3 files are created directly from the CD, it does not make .wav files first and then converts them to mp3's. The program offers encoding options from 96 kbps to 320 kbps, can automatically create ID3 tags, customize the file names by adding text to the end and more. In addition Dark-e Ripper supports online CD lookups via CDDB.
Download: http://www.dark-e.com/

AudioGrabber is a complete solution to create perfect copies of CD audio on your hard drive and to rip CDs directly to MP3 format. It integrates with the Freedb online database to retrieve track information (artist, title etc.) for the songs on the CD, and can automatically name the saved files based on that information and add ID3 tags to MP3 and also WAV files. The program verifies that your copies are identical to the original, using a checksum comparison. Additional features include normalization, integrated player, support for external encoders and much more. AudioGrabber allows you to rip your CDs either to WAV file, or MP3 with or without intermediate WAV files, allowing you to keep a copy of the WAV in addition to the MP3 version. The program works very fast and reliable, and provides you with everything you need to transfer your CDs to your computer or portable device. (Used to be shareware)
Download: http://www.audiograbber.com-us.net/