I've installed Mpeg DJ Encoder for the time being. I've got Nero on the HHD already though. Wasn't aware it did ripping, I'll hafta have a look into that.
Nero Burning Rom only burns cds however it generally comes with the Nero Media Player which if you can figure out its vagaries is a terrible media player program (no features whatsoever and clumsy interface) but will happily swap the formats of audio files.