InterVideo MP3 + DVD XPack 1.5 (Updated 09/29/2004, last version was not 100% working on all PC's)
sYzYgY - Team Vdown
Play DVD with Windows Media Player, Jet Audio Ect. without installing a DVD Player
Encode Mp3's up to 320 kbps Stereo or VBR with Windows Media Player

The MP3 & DVD XPack instantly adds great sounding MP3 encoding (or 'ripping') and DVD playback to Windows Media Player in Windows XP. Allows you to record your CDs and other PC music in the popular MP3 format for full compatibility with portable MP3 and MP3-CD player. Installs the same theater-quality video and audio decoders proven by over 45 million users of WinDVD - the world's leading software DVD player.

Features:

DVD
Enables playback of DVDs in Windows Media Player under XP
Fully integrated with Windows Media Player
"Install and enjoy" simplicity
Theater-quality picture
Dolby Digital (AC-3) audio decoding
Downmixes 5.1 soundtracks to 2-channels for optimum sound
Fully Microsoft DirectShow compatible
Support for DirectX Video Acceleration to minimize CPU load
MP3
Enables MP3 recording (ripping) in Windows Media Player under XP
Fully integrated with Windows Media Player
"Install and enjoy" simplicity
Proprietary InterVideo encoder for the highest audio quality
Records both your CDs or other PC music files
Industry-standard MP3 files are fully compatible with portable MP3 and MP3-CD players
Record quality adjustable from 96K to 320K bits per second

System Req.
WinXP WMP 9, not tested with 10 although there should be no problems.
Known working with Jet Audio as well.