Copying WAV to compressed from PC to PC

I have all my cds copied to my PC in WAV format. I no longer have my cds. What is the best program to copy these in a different format (compressed or lossless) to either a PC or a player such as iPod?

What I’m looking to do is set up an inexpensive audio system in a cafe that I am buying. My initial thought is either to use a PC as a jukebox or a portable device such as iPod. I’m leaning towards getting a portable device so I can take it home and record new stuff. Which device is recommended? Thanks.