dBpowerAMP is an efficient software for converting audio file from one format to another. You can access this application by right click on your explorer and extract CD tracks. Install the proper codecs supporting the following formats: mp3, mp4, Windows Media Audio (wma), Ogg Vorbis, Real Audio, AAC, Monkeys Audio, FLAC.
Official website: http://www.dbpoweramp.com/dmc.htm
is another software specialized in the audio tracks extraction but however supporting less formats.
You can also use Audacity (free) to convert and edit your audio files