“Can I make an mp3 version of my CD?”

Absolutely.

CDs and AIFF files
The digital files on an audio CD (like the Streisand album you rushed out to get last week) are in an industry-standard digital format called aiff (audio interchange file format). The aiff is the leading digital audio format used by professional audio and video applications, and it is the purest, uncompressed format of digital audio, offering the best sound quality. View full article »