Need Help Ripping My CD Collection


I want to get rid of my CD collection but I would still like digital copies of certain albums for when I can't stream Tidal. I was going to purchase an external SS drive to store them on. Can someone recommend a program intended for this application. Is FLAC still the recommended format for storing standard CD quality audio? I'm looking for the easiest solution that will give me CD quality files.Thanks for any help.
mkaes
I read a review that said Bluesound Vault 2 took 15 minutes to rip an average CD using it's built-in CD drive. Is that right? If so, it would probably take me the better part of a year to rip my CD collection. Can you at least listen to the CD while it is ripping? In iTunes you can start listening to the ripped CD once the first track has been ripped.
I bought a used HP I5 laptop for $300 and use JRiver to rip to FLAC. Couldn't be happier. I can rip a CD while listening to a previously ripped CD with no sound degradation. I play the ripped CDs out of memory. There are good tutorials online  for optimizing JRiver. FLAC is a lossless format. WAV is huge files with (IMHO) no sonic advantage over FLAC. Then use an external USB drive ($60) to backup both the system and myMusic. 

Thanks for the input. I used Bluesound equipment throughout my house but don't want to spend that much on the Vault at this time. I'll check out Audacity, dbpoweramp and JRiver.

Should I spend the additional money on a SS drive or will a quality traditional drive work just as good?