The audio data on a CD is uncompressed PCM at 16-bits, 44.1kHz, 2 channel stereo. A ripped WAV contains the same exact data in a "WAV package". Audio CDs don't have "computer files" so that's why they have to be ripped instead of copied. (Commercial DVDs have computer files but they are encryped/copy protected.)
dBpoweramp, EAC (free) CueRipper (free) and a couple of others support
AccurateRip which is an online database that can (usually) tell you if your ripped data matches everybody else (and there were no read errors).
Another advantage to FLAC (besides smaller files) is that metadata tagging (artist, album, title, artwork, etc.) is better standardized than WAV.
All of the standard compressed formats are better with metadata than WAV.
Your ripping software will get a "fingerprint" of the CD and go to an online database to find the metadata. For most CDs it will be found and the file will be tagged automatically. Sometimes you might not like the "formatting" so you can use a tag editor to fix them up. And all of the songs will be tagged with the same year which may not match the original release year, especially with a greatest hits or various artist CD or when the music was originally released on vinyl. I use Mp3Tag (free) which works on almost all formats, not just MP3.
A FLAC will usually be about 60% of the uncompressed size. A good quality lossy file (MP3, AAC, etc.) can be about 20% of the original size and can often sound identical to the original (in a proper blind listening test). A lot of people keep a FLAC archive and then make MP3s for everyday or portable use. As long as you have the FLAC (and a back-up
) you can convert to any other lossy or lossless format any time in the future.
One more thing if you're not already playing digital files - Most people organize their music by Genre/Artist/Album/Song. (That's basically how I do it.) But your player software doesn't care about the physical location/organization and it can sort/select by any of the metadata.