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typical mp3 size is >1MB per minute.
that's easily 60-80M per cd.
if you are ripping at 10X speed, that's 6 or 7 minutes per plus handling and other overhead.
that means if you are really cranking you can do 100 cd's in 10-12 hours and it will take maybe 8G of disk space.
how many cd's do you have?
it would take me every waking hour for a week or two and a new external drive!
and that's not including analog source...
MP3 is a lossy format, but should be fine for playback through cheap PC speakers.
If you plan to listen though higher quality hifi, it might be better to use FLAC, which is a lossless format.
I use a piece of s/w called CDex for ripping, which I think was free but is doubtless out of date now. I'm sure there will be something better.