Liz - iTunes can automatically convert a CD into various diffferent formats including MP3. The default is something which only plays on an i-pod, but you just change it to your preferred format.
It will name the tracks ripped if it can find the CD in whichever internet database it uses.
It saves each CD in a separate sub directory If the database lists two albums as the same artiste, the albums are nested withing a directory for the artiste.
I would probably just type a descriptive simple (notepad) text document containing any notes about the album/tracks/artiste and save it in the same sub folder as the ripped album tracks. That does leave the option at some later date, to cut and paste from the text into some other location.
Quack!
GtD.