From the main menu, click Tools > Options > CD Ripping.
On this screen, select your CD-ROM and then set the configuration options for each CD-ROM drive independently. The defaults for CD Ripping will generally work in most configurations, although on some systems, if ripping a CD results in audio that skips, switching Read Type to Jitter Corrected Read may solve the problem.
Read CD-Text causes MediaMonkey to get Track properties embedded directly on an Audio CD in the CD-TEXT format when ripping the CD or adding it to the library. This is often used on Audio CD mixes that have been burned by users, and is very helpful as such CDs cannot be looked up in Freedb.
On the fly encoding speeds up CD Ripping by encoding audio to another format as the audio is being extracted from the CD-ROM. For some drives, especially older ones, this should be disabled as it may reduce the quality of encoded files.