<< Audiocatalyst is prolly the best but it's not free. >>
That proggie sucks for encoding mp3's. Where have you been, the Xing mp3 encoder used by Aduiocatalyst is the WORST one out there! And the ripper is not too good either.
<< The best solution would be Audiograbber for DAE, and Fraunhoffer CODEC for WAV -> MP3 compression >>
That's totally ignorant. Fraunhoefer is good if you are living in 1998, but since it is now 2001 it's been far surpassed by LAME. And Audiograbber is a primitive DAE solution compared to CDEX or especially EAC! Fraunhoefer's spent all their money fighting unwinnable patent lawsuits instead of improving their product.
edit: and LAME, CDEX, and EAC are all freeware. No pirating, stealing, or otherwise compromising yourself to get them.