Yea, but if you want high quality MP3's EasyCD Creator is not the way to go. It does it and it's easy to use but it makes poor to average sounding files.
CDex is almost as good as EAC but faster and easier to use. It uses LAME too:
http://www.cdex.n3.net/
Once you've learned CDex I'd recommend stepping up to EAC:
http://www.exactaudiocopy.de/
Masood's recording recomendation is a good one.