Any of a number of free applications will do this. If you happen to have
MusicMatch Jukebox installed, have a look in File|Convert. CDex, a
brilliant freeware CD ripper, will do the job: http://www.cdex.n3.net/
dBpowerAMP is a nifty free music conversion utility: http://www.dbpoweramp.com/dmc.htm
Converting from wav to mp3 involves "lossy" compression. The smaller you
make the resulting mp3 file, the more audio detail you will lose.
Experiment with different bitrate mp3 files and evaluate how the result
sounds to your ears. You may not notice much difference until you drop
below 128kbps.
Kerry, at below website (URL) you'll find dozens of free
programs you can download to do exactly what you want to
do: Windows CD Rippers downloads @ MP3Machine
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