It's really easy. Install the software of your choice, pop in a cd, and tell the software to rip and convert.
There are tons of software titles you can use to do this, but I personally use
Exact Audio Copy. It's free, accurate, automatically gets ID tag data, and can generate MP3s directly.
If you use that software, you might want to change a few settings like converted file format (MP3, WMA, etc), quality (I personally use 320 bit rate for highest quality at the expense of filesize, but even then, each song is typically 2MB/minute max) ,converted file location, etc.
Once you insert the disc, wait a few seconds for the file list to show up. Then, click the little "freedb" icon to automatically retrieve song, artist, etc data from the online database, then click the applicable button on the left side of the window (the "CMP" option most likely).