iTunes will do exactly that and is quite a good player too. By default it rips into the Advanced Audio Coding (AAC) fomat but you can easily change it to MP3 if you want. This is done in Edit > Preferences > Advanced > Importing > Import Using > MP3 Encoder.
Open Windows Media Player, click on the tab that states 'Rip', select the tracks you want to copy (right click on each track, click edit, change the title (usually Track 1, 2, etc) to reflect the name and title), click 'Rip Music' and Windoz copies to a newly created folder in My Documents. Copied files then can be drag and dropped into your MP3 player, etc.
Using winmedia player you can also select the tracks are ripped into MP3 format Tools>Options>Rip Music and change the format option halfway down the page.
The added bonus with media player is that if you are online at the time you put the cd in it will go online and retrieve the track and album information automatically.
One word of caution, in some cases there are more than one version of an album in the database (i.e. european/usa/british/japanese versions as well as special editions) so make sure you choose the right option from the list of the albums available.
using this system has saved me going mad trying to find a particular track from the the 40gig worth on my MP3 player (A must for any tour if only to drown out the sound of gennys!!!!)