Ogg is an excellent audio file format, for both moral and practical reasons. The ogg-cdparanoia script is a wrapper of the programs cdparanoia (http://www.xiph.org/paranoia/), sox (http://sox.sourceforge.net/) and oggenc (http://www.vorbis.com/).
The process is simple: for each track, cdparanoia is called to extract the audio to a temporary wav file. Sox is used on it to see if it is normalized. If it is, oggenc is called on it to generate the apropiate .ogg version. If it isn't normalized, sox is called on it to normalize it, and the output is fed directly to oggenc. The result is that you only need enough hard disk space to hold the track being compressed, and the generated ogg files. It could be made to not store _any_ temporary file, but in the case of tracks needed to be normalized you would be reading the track twice, which at least for me is the speed bottleneck.
This script is gift-ware, it's given to you freely as a gift. You may use, modify, redistribute, and generally hack it about in any way you like, and you do not have to give me anything in return. However, if you like this script you are encouraged to thank me emailing me your opinion about it, requests for more features, or directly diffs which implement them. If you redistribute parts of this script or use it somewhere successfully, it would be nice if you mentioned me somewhere in the credits, but you are not required to do this.
Of course, I do not accept responsibility for any effects, adverse or otherwise, that this code may have on you, your computer, your sanity, your dog and anything else that you can think of. Use it at your own risk.