You may want to consider a
lossless codec, which would retain the full quality of the original at a smaller size than uncompressed wav files (thus saving HD space

). Two of the most popular lossless codecs at the moment are FLAC and WavPack.
Since the source audio (CD) is 16-bit, your ripped files should also be at 16-bit.
The
HA wiki is a good starting point, with several articles on creating a backup/archive, CD ripping, audio compression, etc.