I have not got around to ripping yet. You will need one of these to convert optical to USB.
Hifime SPDIF Optical to USB converter, record DAT/minidisc to computer
The UR23 accepts SPDIF optical sources and transfer this to USB. Suitable to record DAT tapes, minidisc or other digital source to a computer.hifimediy.com
I have one - have not tried it yet, but it is on my list of things to do. Sample rate outputs of the Waxwing are 24 bit at 48 KHZ or 96 KHZ. I use 24/96 into my Schiit and am completely satisfied by ear. I don't know which resolution for recording I'll use - obviously save some storage at 48 KHZ. For MP3 files - to use in the car - I use dbPoweramp to convert WAV to MP3 at 320 bitrate with great results.
Take some online ABX tests between red book resolution and hires or even MP3 320 and red book ... very few people finds a difference.
Is your audio system really ready for lossless?
Do an ABX test in your browser, and see if you can tell the difference between lossless and lossy audio
abx.digitalfeed.net
It seems that after one century Nyquist/Shannon are right and red book is all you need to capture audio signals ... and that psychoacoustics aspects taken in mp3 algorithm really works also.