http://www.tomshardware.com/charts/desktop-cpu-charts-2010/Audio-Encoding-iTunes-9.0.3.15-wav-to-aac-Audio,2422.html
Check out the above chart to see what kind of impact different cpus have on your rip time. I think toms used all the same optic drives in those benchmarks to keep apples-to-apples comparisons. Overclocking the CPU can shave a lot off of your rip times if that's in your comfort zone and your cpu will accommodate you.
.Wav to .mp3 and .wav to .wma (microsoft's proprietary compressed file format) are very CPU intensive and speeds are often bottle-necked by cpu speed. Unless you've got a real lemon of a hard drive or optic drive, upgrading the cpu where you can get the biggest benefit in reduced rip and conversion times. .wav to .wav is fastest because you are copying, not converting. Your .wav to .wav times are pretty long... the disc you are copying is original, not burned with .mp3's?
I find winamp pro to be a pretty superior media management software. That's just my preference though. It makes ripping cds into .flacs and keeping my ipod synched with my collection (with on the fly .flac to .mp3 conversion into the ipod) a breeze. I've always had program freezing issues with multiple versions of WMP and Itunes when ripping cds. Never had a freeze yet with winamp. Ipods have horrible sound quality but I like their convenience in my car etc... where the road noise is loud enough to where it doesn't even bother me.
You should post your specs for your cpu, hard drive, optic drive, memory...