My problem with Windows Media Player is that it uses WMA, a format I don't particularly like. And, judging by a post you made a few days ago, I'll assume you're about to purchase an iPod...which will mean you'll have to convert your library if you import in WMA format.
There are plenty of other programs that can import CDs. Musicmatch Jukebox, RealOne, iTunes, are just a few. MP3 is still the most universal format you can use. And I find 192k usually sounds fine...unless you are playing it through a very hi-fi system, in which case the difference higher rates make is much more significant.