File format, software and settings?

I have no intention of giving up playing CDs. I want to start dabbling in PC audio using my CD players' DAC, as an alternative source at times. Starting point is ripping the CDs in the best way. I would also like to make a lower resolution version at the same time for an mp3 player for using when I travel.

Looks like DBpoweramp and .WAV. Any special settings to get the best results? Can I rip a smaller file at the same time for use on an ipod? What format should I use for that? Initially I will stream wirelessly from a laptop through my Pioneer N50 to my Esoteric DAC, controlled via smartphone app. I am sure that I can get better sound direct to my DAC via usb later. Excuse my extreme ignorance but what do I need Jriver with Jplay for?

I tried Dbpoweramp with accurate rip to wav and a CD took maybe 30min to rip. Is that normal? At that rate it will take me over 2 months of 8 hour days to do it.
Tried streaming wirelessly from the laptop through the N50 to the Esoteric via optical, and controlled by a smart phone app, and it all worked and sounded surprisingly really good, but not quite as good as direct CD. I assume this is because it is not asynchronous and assume I cant get that without using usb to the DAC. That aside, would Jriver and Jplay work in this set up and would it improve the sound? Is it the windows software on the laptop or software in the N50 controlling the sound? As you can see, I am a really a learner driver here.

What settings should I check?

Kijanki, that is a very helpful answer. I did not want to link my laptop directly to the Esoteric USB yet because I dont easily have the space or the right noise free laptop yet, and I like to keep my CD-Amp-Speaker chain as pure and simple as possible with no extra equipment/links to add noise. When I play CDs, no other equipment is connected or powered. I bought the N50 as an internet radio and linked it to the Esoteric K01's DAC via optical thinking it maintains the purity of my chain as best I can while listening to radio. (N50 is a great internet radio btw). My idea to start out in PC audio was to get my CDs onto my laptop or back up drive in the best way and best file format, and stream wirelessly via the N50 and the optical connection isolates the N50 as much as possible from the Esoteric. Since the data is sent to the Esoteric via optical, I assume the N50 clock is used and it is not re-clocked by the Esoteric. Any way to force the Esoteric to do the clocking? I really want to use use N50 as a wireless conduit and the Esoteric do the work. Perhaps at some time in the future I need to buy a different device to do this that can feed the Esoteric USB? I think right now the only pitfall for me is if I spend hundreds of hours ripping my CDs in the wrong way so would appreciate any comments on that too.

I ripped my second and third CDs and it now takes about 4 mins. It did not come up with the accurate rip window. Does this sound about the right amount of time? Went back and ripped the first one again and it was also fast. How do I check it is using accuraterip?

Thanks Tom, it did help