Making MP3s

MP3s, despite their problems remain THE standard for audio. Here's how I do it to get the best quality to file size ratio:

Windows

1. Using iTunes, rip files in WAV format (Edit - Preferences - Importing - Import Using: WAV encoder).
   
2. Rip the files
   
3. Find the WAV files on your computer (you might want to do a search for *.wav).
4. Download and run LameDropXPd.
5. A small, square window will pop up.
   
6. Change the settings by right clicking and from the drop down menu select "Encoding Options"
   

If you're going to rip music you're going to want about 190 kpbs (80 on the little scale). If you're going to do voice, you'll want to set it as low as possible (all the way to the left). "Encoding Engine" quality should be "high" at all times and check the "mono encoding" box for voice.

Finally, drag and drop (as the name suggests) the WAV files onto the little window. Be sure to delete the original WAV files when you're done.

Macintosh

Same process as above but instead of downloading LameDrop, use Max. This program has its own ripping process but you can use it purely as an encoder.

1. Set up the MP3 encoder in the "Preferences" menu.
2. Under the "Formats" tab, scroll down to "MP3" and click the "+" icon.
3. Select "Custom" from the drop down menu, and set the quality setting a little to the right of the 50 mark.
4. Set the "variable bitrate mode" to "Standard"
5. Select OK and close the Window
6. From the top menu, select "File" and choose "Convert Files".
7. Drag and drop the newly ripped WAV files into the window and select "Convert"
   

Why this method?

Both MAX and LameDrop use the same encoder. Here's why its better:

"Windows Media Player now freely supports encoding to MP3 from CD. Unfortunately, it uses the inferior Fraunhofer codec. iTunes, however, does not use the Fraunhofer ... [but] unfortunately its quality is much worse. I recommend you use LAME. It's just better." (source)