There are plenty of CD audio extractors out there but perhaps few that can extract to as many formats as NewCDExtractor.
NewCDExtractor allows you to extract audio from your CDs and burn it to WAV, MP3, FLAC, APE and Ogg formats. NewCDExtractor is easy to use and very fast because there are no CDDB connections made. However, this does mean that you have to go through the painstaking task of labeling each track, which is really annoying if you're ripping albums.
When you insert a CD, NewCDExtractor springs into life and all you have to do is select the quality of the output format and click extract. You can stop the extraction at any moment. You cannot, however, set the quality of the output formats and this, plus the all-round lack of preferences, is one of the program's downfalls.
All in all however, NewCDExtractor is a basic but functional CD audio extractor that supports all the major formats you'll need.