It probably depends what you want to listen to it on. I use iTunes and an iPod (mostly plugged into the car - I listen to CDs at home). This is a simple solution but might lock you into the Apple ecosystem unless you're tech savvy or want to re-digitize everything if you switch down the road. MP3 and similar formats from other software are more universal and iTunes can read them as well - might be slightly more work/more complex to do the ripping but there are plenty of programs that can do it such as the one PsYcNeT mentioned.
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