Ripping

Ripping is transferring the content of a CD to your hard disk.

You can choose a directory for the rip.

Tracks on a CD don't have a meaningful name.

You can set how the filename should be generated

Before you start the ripping, you have to decide what type of audio format you are going to use.

The ripping formats are limited to MP3, WAV and Microsoft's proprietary WMA.

WMA Lossless is lossless compression (like FLAC)

WAV is uncompressed. If you rip a CD straight to WAV, you rip 16 bit/44.1 kHz PCM Red book audio format to 16 bit/44.1 kHz PCM in WAV format, this is as close as you can get to the original source.

However, WMP don't support tagging in WAV.

WMP supports MP3 but it is CBR (Constant Bit Rate). MP3 with VBR (Variable Bit Rate) is not supported.

A typical audiophile worry is whether the rip is bit perfect or not.
There is specialized software  like EAC with goes at great length to guaranty a bit perfect rip.
You might also try WMP’s error correction option in the device tab.