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Ok, to convert wave to mp3, anything that uses the LAME codec will do fine.
www.dbpoweramp.com is extremely easy to use, and is freeware, so get that.
.cda files are simply audio cd files, you can't copy them on to the hard drive and play them. I you want to listen to music off an audio cd on the computer, you either need to have the cd in the drive, or rip them. The best ripper around is EAC (exactaudiocopy.de), but it does have a steep learning curve, so just stick with DBpoweramp, which can rip as well.
As for real one player, DELETE IT. It's full of spyware/adware, and is stupidly bloated. Get winamp 2.91 from winamp.com.
Any more questions, just reply and someone should answer 
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