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sorry to say but all the replies are wrong...
there is a FREE, and excellent way to back up your music in mp3 format
use the EAC/LAME combination
EAC (exactaudiocopy) is a program that can rip your cd's into waves securely...its the best ripping program for free, hands down, no argument
LAME is the best free mp3 encoder around...fairly fast, and because its open source and optimized and tested by audiophiles, its good
i'm not sure if it's okay to post links...so here it is
www.exactaudiocopy.de
for a FREE copy of EAC
for the LAME codec, you can find it here:
http://www.hydrogenaudio.org/index.php?showtopic=478&
the rest of hydrogenaudio has a grip of mp3 related stuff...so if you need more help, i can write a quick tutorial here for you...but hands down this is the best FREE combination out there...and i personally use it to rip music i own =)
later
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