Flac is the most well known lossless audio codec among audiophile
communities. It allows you to archive CDs without any loss of quality. It is
possible to rip CDs in one file per CD, instead of one track per song. Along
with the one-album flac file, we will have a cue file containing the markers
and tracklist. Incidentally, this article is currently one of the top rated
on the Gizmo's Freeware site
http://www.techsupportalert.com/How-to-rip-to-play-and-split-one-album-flac-files