for ripping audio to mp3 although audio grabber is fine it only grabs and you need to attach an encoder to it. there is a version of audiograbber called audio catalyst which containcts the mp3 encoder by xing and everything you needs so its just simpler to use at the end of the day.
I have to agree winamp is the thing to playback your music and when you have installed it dont forget to check out
www.di.fm 