You're on the right track. Ripping to .wav files is an exact copy of what is on the CD. Using a program like Exact Audio Copy in conjunction with the datafiles from freedb.org will give you not only exact copies but will allow you to give them song names as filenames on your harddrive. Burning a set of .wavs back to CD with Nero will give you a disc that is basically an exact copy.
Having said that, if you have CD text, extra features (like on Blind Melon's Nico CD), etc. you want to use the 1:1 copy feature. Burn Away, smoka!