Easy: Audiograbber...be prepared for errors with most newer drives.
Good: CDex...not as good as EAC, but better than Audiograbber.
Best Free: CDparanoia (can get CDex-like results--command-line!)
Best free: Exact Audio Copy...requires some setup time. Read the stickies at HA.org and google some guides. You can get it to be as easy as Audiograbber (click MP3 and wait), but it is not that simple out of the box. EAC secure mode is only bested by Plextools Pro due to very good error correction in Plextools Pro. CDex will get you about the same quality on good CDs, but on scuffed up ones and unbalanced ones, EAC will give an audibly better result.
Best: Plextools Pro (only with Plextor drive)
For an MP3 encoder, LAME 3.96.1 or 3.90.3. --preset standard will be quite good (transparent for 90+% of stuff), with extreme offering a nice bit of quality overhead.
Ogg is better at low bitrates, but not hgiher (though some of it depends on your ears--Ogg has a smoother/warmer degredation than MP3, so lower quality just sounds muddy, not scratchy).
FLAC offers a free way to get lossless done, which, with the proper offset, also means true archiving.
P.S. just went to Faith No More's War Pigs...The Real Thing would not rip without terrible audible errors (badly messed up) with anything but EAC's secure mode. It took an hour or so, IIRC, but it sounds great: no pops, clicks, or skips.