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I am in the process of doing the same thing right now. Just got finished installing a new pair of 320 sata drives to handle the data load.
I use Exact Audio Copy to do the ripping. It is considered the cadillac of ripping tools. Not very user friendly as it has many options, but once you get it set up properly, it can't be beat. It will let you access freedb.org for the cataloging.
By default it will rip to .wav and from there you can do whatever you want as far as long term storage. As mentioned, .shn, .flac or even a simple .zip file would be fine. Leave the albums as .wavs if you have the space.
Do a search for a good EAC tutorial.
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Randy
'87 911 Targa
'17 Macan GTS
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