The minimum bitrate for a good quality is 160 kbs; ideal 192 or maybe 256 but you know more quality will preserve cd sound but will take more mb of your hd.
First step is encode wav files to mp3, I like for this "lame encoder", you can use with EAC
To play in the PC didn't try virtual cd, but you can use winamp, this freeware program, lets you build playlist you can make by artist, kind of music, albums, etc.