As root, do yum install lame in order to download and install lame or download it off RPMFind.
cdda2wav and grip should be already installed on a standard RedHat workstation. Just run grip and let the GUI guide you through the ripping/encoding process.
If you want to do it yourself, cdda2wav dumps your CD tracks as WAV files. You must speficy the CDROM device and the tracks you want to dump as follows:
cdda2wav -D /dev/cdrom -t1 (this means track 1, you can select multiple tracks with -t1+10, for example)
Encoding MP3 with lame:
This is quick, all you have to do is: lame name.wav and you'll get your mp3 in no time. Note that you cannot specify *.wav, you have to do one at a time or write a quick script.
for file in `ls *.wav`