I agree with the recommendation to use dbPowerAmp. It uses AccurateRip that checks against a reference database to ensure what's ripped is exactly what's on the CD, even for different pressings of the disc. So if the software says it's perfect when it's done you have a bit-perfect representation. The other goodness of using AccurateRIp is that it doesn't matter which optical drive you use to rip, it will be the same.
As to format, just rip to FLAC; it's a non-lossy format so you know the bits fed to your streamer will be exactly the same as you pulled from the CD. Yes, it's a few bytes more than MP3, but the big deal ripping your CD collection is the time that it takes, not the bytes it takes up. A 12 TB hard drive is about $240 these days, so cost isn't the issue
dbPoweramp will also put the right metadata automatically in your rips, so your streamer/amp will show information about the track on the display, which is very handy.
Finally make backups of your collection so you don't lose all that work. Costco sells a nice 5TB USB portable drive for $100; it works well for this purpose. Backups also help if you accidentally delete stuff as you're tweaking your collection.
Foobar as mentioned does a decent job ripping, and it's free. It can do some amazing things with plugs-ins including SACD's rip files which I just learned about last weekend. But it doesn't do AccurateRip, and it's ability to pull Metadata from the internet is limited.
Finally, you don't need a fast computer to do any of this. The size of the files is so small that as long as your PC was built this century it will have the horsepower to do what you need.