Go to download.com and search for Cdex. Works very well. Easy to use.

Windows Media Player 10, it's embedded. Select mp3 as the format in the "Rip" settings.

If you want a nice audio editor + mp3 conversion and more you can also try Audacity, it's free.

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I've used DBPower Amp, but it's no longer free. Now I use Easy CD-DA Extractor

You can get it at http://www.download.com
It's the next best thing next to DBPower Amp

I second Audacity!

Just open the wav file in Audacity, tweak it if you want, then export it as an MP3. Takes about 20 seconds maybe! In fact I just used it to do that very task.