Encoding .mp3 EAC @ 320kbps CBR. Forget about VBR for music.
When the size of the file does not matter, use CBR. I back up all of my music with CBR @ 320 kbps.
goto:
www.r3mix.net Then go to the quality link.
"Knowing the facts of mp3, you could, if space is not really an issue use:
cbr 256kbit/s by Lame or some Fraunhofer encoders
Remarks: Guaranteed perfect(x) transparent encoding, but guaranteed overkill on most parts of the music. Also: space is always an issue if you use mp3, because otherwise why no use a lossless (eg. zip) compressor for your music..."
So I can average 4 or 5 music CD @ 320kbps per 700mb cd-r. Not great, but the quality is there.
.mp3 -> any format Cool Edit 2000.
Cool Edit is outstanding for editing too.
I used to work in a recording studio (about 12 years ago) and this is very powerful software.
Cool Edit can save to almost any format, regardless of the original source.
It can take a long sound clip (concert bootlegs ?) and add 'cue' points. Then you can save it and have a concert cd with a working 'skip' button.
Of course it you can edit by waveform or by timecode (NTSC {dropframe}, I'm not sure about PAL).
Cool Edit could be overkill for a beginner, but it really does it all !
www.cooledit.com