All you need to do is rip them into any folder (I'd recommend your My Music folder in your account folder or else the Music Folder at the top level.) Then share this folder. See
How to Share Folders (click on link)
When you rip the music, choose mp3. Don't use wma because many people block or filter out wma files. Also disable licencing in your wmp options. Go to WMP's menu bar, Tools>Options>Copy Music I think it is & choose mp3 format under copy settings before ripping. Recommended ripping bitrate nowadays is 192 kbps or higher CBR or VBR.
My Music folder is found here C:\Documents and Settings\user name\My Documents\My Music
BTW if you don't have mp3 format option, you can download it from
http://www.microsoft.com/windows/win...cdownload.aspx Or better
http://www.free-codecs.com/download/...er_3_Codec.htm which also lists other format encoders.