FreeRIP is a CD ripper application for Windows. The latest version FreeRIP Version 3 was released on 17 of this month.
Using FreeRIP you can record digital audio tracks directly from your CDs onto your hard drive in a number of audio file formats - Wav, MP3, WMA, Ogg Vorbis or FLAC audio files. It can also convert audio files from one format to another.
Using it is fairly simple - Start up FreeRIP, put audio CD in and click on Rip button. Another feature that attracted me was the fact that FreeRIP supports extended tagging and ID3 v2 standard. This means that you can add info such as artist name, song title, lyrics, etc. to the file itself.
FreeRIP as the name says, is totally free with no limitations on use. The file is 1.63 MB.
Update: With FreeRip, you can have access to FreeRIP CD Database, an Open Source, collaborative CD info repository.