There are a lot of great programs available to rip CDs to MP3, AAC, FLAC, Ogg Vorbis, etc., but most require you to re-rip your CD if you want to save the rip to a different file format. If you have a large CD collection, ripping your CDs twice could take an excruciatingly long time.
dBpoweramp for Windows (XP/Vista/7/8), is a very fast and accurate audio CD ripper that supports ripping to multiple encoders. If you want to rip your CDs to FLAC for archiving and to MP3 for use on an iPod or smartphone, dbPoweramp can rip to both encoders at the same time. Here's how to configure dBpoweramp for multiple encoders:
Step 1: After installing dBpoweramp, launch dBpoweramp CD Ripper and insert an audio CD into your optical drive.
Step 2: In the lower left-hand pane, click the drop-down menu under "Rip to" and select Multi Encoder.
Step 3: In the Encoder Settings box, click on the Add Encoder button.
Step 4: Select the encoder you want to add, then set your preferred settings. Click OK to continue.
Step 5: Repeat steps 3-4 for a second encoder. Once you've added both encoders, you'll see them listed in the Encoder Settings box.
Step 6: When you're ready to rip your CD, click on the Rip button.
That's it. The full version of dBpoweramp costs $38 and also comes with a batch converter.