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a) rip files without excessive compression (somthing like 256 kbps or better)
b) convert these files into mp3 or wma files without losing quality
depends on what you use to "rip" the music. Windows media gives you options to RIP at different KBPS. I've read many articles on this topic, and it turns out Windows Media Audio Lossless option is one of the better ones.
I rip all of mine at 320kbps. I find that anything less than that leads to some deficiencies in the high notes. Things like symbol hits tend to warble.
I have used a bunch of programs to do Rips. Most good CD Mastering programs have this ability. Nero, for example.
Based on my friend Spkrboy's recommendation, I have been using Exact Audio Copy combined with a script called REACT. It rips in lossless, then uses LAME with variable bit rate.
Hydrogenaudio is the definitive net authority on audio compression. I'm extraordinarily picky about audio, and I despise most forms of mp3. REACT combined with EAC and LAME results in the only tolerable form short of FLAC. It's not perfect but it's far better than Nero, iTunes, and all the other standard rippers.