There are many tools out there to convert CD tracks to mp3 files. here are a few good ones (click the title of each for more information):

MediaCoder
Good for converting to and from a wide variety of file formats. Good for batch processing and recursive directory reading. Robust and free.

The Wimpy Audio Encoder
A simple program to convert WAV and AIF files to properly formatted MP3 files for Flash. Click here to download. Wimpy and free.

dbPowerAmp
A small, right-click type utility that makes encoding an mp3 a snap. Good for one-off conversions. Click here to see the dbPowerAmp settings I recommend.

iTunes
Apple's cool music jukebox. Robust and free.

By default iTunes converts audio to AAC, so you will have to edit the preferences to get iTunes to convert the audio to MP3.

To create mp3s using iTunes:

1. From the iTunes main menu > Edit > Preferences
2. Click the "Advanced" tab, then the "Importing" sub-tab.
   Set:
   

   Import Using:	MP3 Encoder
   Setting:	Good, High, or Higher are fine. If you use the custom setting, you may experience issues with playback speed.

3. Click "OK"
4. Click the "Library" item in the left-hand menu.
5. Drag an audio file from the desktop to the open library window.
6. Right click on the listing for the new file and choose:
   "Convert Selection to MP3"
7. When the file is done, right-click on the newly created file and choose "Show Song File"

My songs sound like they were recorded by chip monks... they play "too fast"

The issue with the "chimp monk" effect is due to the way that the mp3 was originally encoded. Macromedia Flash can handle most standard mp3 encodings with any bitrate. However, some mp3 encoders use "non-standard" encoding techniques that Macromedia Flash can not handle... we have only been able to reproduce the "chimp monk" effect while using musicmatch's mp3PRO setting. The standard mp3 setting in musicmatch works fine, but when a file is encoded with the mp3PRO setting the file plays through wimpy with the "chimp monk" effect... I have been unable to find documentation on this issue on Macromedia's web site. This issue is not a function of wimpy, but rather an issue with the Flash plugin. The only solution i can offer at the moment is to re-encode your mp3's with a standard mp3 encoder. Wimpy will support VBR encoding and any bitrate. just be sure that you don't use mp3PRO encoding.

A good mp3 encoder is dbPowerAmp, which is what I currently use. It's a small, right-click type utility that makes encoding an mp3 a snap. Using the standard settings in dbPowerAmp works great with Wimpy.

James Roy has discovered the following:

"Just an FYI, I encountered the "chipmunk" problem as well when I used the Wimpy Button because I was encoding MP3s at 96kbps using iTunes. An MP3 encoded at 128kbps seemed ok, but anything else (even encoding the files first at one bit rate, and then another) gave me either a faster or slower playing speed."

"I looked at your FAQs and found that this problem has been documented, but not solved."

"I was able to solve my problem by going into iTunes prefs, choosing 'custom' for the MP3 encoding, and then choosing 44.1kHz for the sample rate instead of 'auto'. Apparently when iTunes uses an auto bit rate, the Flash player is unable to adjust its playing speeds to accommodate the optimized MP3 file."

"So, if other customers come to you with this problem, make sure that they have specified the bit rate at 44.1kHz instead of letting iTunes choose."

James Koenig discovered the following:
Flash goes all chipmunk on a LAME encode at 40kbps mono, but works at 32

Jack at Jukebox Alive notes:

For low bitrates (less than 32) I have the option of resampling at:
8 khz.
11.025 khz.
12 khz.
16 khz.
22.05 khz.
24 khz.

Of those, flash seems to only play nice with 11.025 or 22.05, it was defaulting to 24

John Henry Mostyn notes:

...A slightly more robust answer to the resampling issue for
users of Lame mp3 encoders, an additional call to -- resample 22.05
will force the sample rate flash seems to need for compact mp3s

One additional note:
It seems as though you should always try and "set" every configuration. Leaving your compression utility to "auto" or "default" is probably not a good idea.