If you rip to a lossy (MP3, WMA, AAC, OGG) format yes, you do loose quality. Although there is a way to rip it losslessly with both WMA Pro Lossless and Flac (which is CD perfect sound quality). The only drawback is that WMA Pro and Flac is that it takes a considerable amount of space compared to a lossy format (about 10 times more space). Wav is also lossless, but it doesn't support ID3 tags and is even bigger in size compared to WMA Pro Lossless and Flac.
I'm assuming you have a Windows computer. The easiest way to rip your music is to use Windows Media Player. The default codec is WMA, so you'll probably want to change it to Windows Media Audio Pro Lossless (if that's what you want). Otherwise if you want a more compatible format, I'd recommend MP3 of at at least 192kbit/s as a minimum (320kbit/s would be the best quality, but not as good as lossless).
I'd also like to note that you can also rip your music into WMA Pro Lossless and if you decide to get an MP3 player, Windows Media Player can automatically convert the WMA Pro Lossless to MP3 'on-the-fly' while it transfer to the MP3 player. This is what I do, but I use Media Monkey and Flac. Media Monkey though has a bit more of a learning curve and to get all the features costs money.
Here is a good guide that you can use to rip your music using Windows Media Player.
http://windows7.beyondthinking.net/2009/11/ripping-copying-music-cds-in-windows-media-player-12/