I found this site when I was looking for input on a new digital audio player, but I've been scouring through the forums and gleaning a lot of good information in other areas.

As far as conversion-to-MP3 software on my computer, I have CD-ex and EAC. I have noticed, since using CD-ex to create some MP3s last night, that I am using an old version of LAME, 3.92 to be exact.

Would someone mind walking me through the process of (a.) what exact version of LAME do I need to update to, (b.) how do I go about downloading it and (c.) exactly what do I do after I download it to install the new version and make it work right?

Thanks in advance for any help.

You can download latest but unofficial CDex version and install it:
http://rarewares.org/others.html

lame.dll are available on the same place if you are just interested to update the encoder:
http://rarewares.org/mp3.html

3.96 is the latest stable version. The 3.97a11 is alpha, but it's had a lot of people looking at it. It will probably become the new official version as soon as they declare 3.97 final. It's up to you. I'd go for 3.97a11 and keep an eye here for updates.

The links guruboolez gave are good. Here's a direct link to a zip of 3.97a11 with everything you need.

Extract the files, copy lame.dll to your cdex directory, and lame.exe to your eac directory.