Many new Macs don’t include an optical drive, so you can’t use CDs and DVDs. You could spend extra to buy a drive, but this Tip on making disk images could save you from that expense. Here’s how to make disk images from physical installation discs.
In trading off size of a sound file against quality, Apple Lossless Encoder offers a good compromise. Bjornar Kibsgaard of All About Apple Laptops explains how to use it when importing CDs.