Yes you can, for personal use only of course! Nero can rip & can rip into wav. You wouldn't want to convert a wav to mp3 unless you wanted to share it. Converting to mp3 means some loss of quality. How much depends upon the quality you set the mp3 for. Be that anywhere up to 320 kbps & stereo & no filters & maintaining the 44.1 KHz sample rate. But of course, Nero will convert mp3's to wav or audio CD. If you want to grab a choice of songs from different CD's & perhaps mix them with mp3's you've got a hold of, then keep the ripped songs from CD's in wav format. In that way they won't lose any sound quality whatsoever. After all, wav is a lossless format meaning it doesn't lose any quality.

Whereas mp3 is a lossy format (it throws away information to help it reduce in size. This generally starts with the higher frequency ranges ... some which adult ears arguably can't hear anyway - above 15 KHz I think. But the lower you set the mp3 bitrate for (0-320 kbps), the more the info that's thrown away! And that includes (loss of playback info) across the board frequency ranges! There's different techniques of mp3 compression that the converters use in their process.)