Fire up the Registry Editor and navigate to the following key:
HKEY_LOCAL_MACHINE \ SOFTWARE \ Microsoft \ MediaPlayer \ Settings \ MP3Encoding
Here, you'll see sub-keys for LowRate and LowRateSample, which of course equates to the single 56 Kbps sample rate you see in WMP8. To get better sampling rates, try adding the following keys (Using New then DWORD value):
"LowRate" = DWORD value of 0000dac0
"MediumRate" = DWORD value of 0000fa00
"MediumHighRate" = DWORD value of 0001f400
"HighRate" = DWORD value of 0002ee00
Now, when you launch WMP8 and go into Tools, then Options, then Copy Music, you will have four encoding choices for MP3: 56 Kbps, 64 Kbps, 128 Kbps, and 192 Kbps. Note that you will not get higher bit rate encoding unless you have installed an MP3 codec separately; the version in Windows Media Player 8 is limited to 56 Kbps only.
Find the appropriate location in the Registry... ...add a few DWORD values... ...And then you'll be ripping CDs in higher-quality MP3 format!
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