I don't rate Windows Media Player personally, although it is getting better. I am of course (ask Johnny One Trout) the unofficial spokesman for Jet Audio. I don't normally stick with audio players for too long but I can't see me changing this one and been using it months.
It will rip to wav, mp3, mp3pro and real media format. It will also convert from one to the other.
You can get the free version >>HERE<< and I've a fix that will install the toolbox to allow mp3 conversion, 14mb in size. Can't go wrong with this player IMO.