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Well the first thing would be to use a CD-ROM drive as opposed to hooking up a CD player. It's easier that way, and I'd bet your computer has a CD-ROM already.
The first thing you need to do is create WAV files from the CD. I suggest a program called EAC (Exact Audio Copy), as it is great at error correction. CD-ex is also pretty good too if EAC doesn't recognize your CD-ROM drive.
Okay, next you need to encode the WAV files into MP3. The Lame encoder is pretty much the modern standard. You can get this cool little application called "WinLAME" that is a front-end for the encoder that makes it pain-free. You just load up your WAV's, select a preset encoder, and it takes care of the rest.
This is what I recommend for beginners. When you get familiar with that, you'll want to toy around with manually using the Lame encoder for better quality and more options.
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