As pointed out above, there is not way to go from a "low" quality mp3 to a higher quality audio sample. There are also other ways besides the few mentioned above to format your audio. The Windows audio codecs were mentioned, but the OS X codecs not. FLAC audio goes both ways quite easily. AIFF is Apple's lossless equivalent of WAV, the only difference is how the metadata handled. There is also Apple Lossless Audio Codec, ALAC with the extension m4v. M4V is Apple's equivalent of FLAC. Using both Windows, OS X, and Android devices makes it a challenge to find the ultimate lossless codec that will play with everything.
When I get a Red Book CD, then I always burn a copy of it (iso) to use as my play disk and keep the original in a safe place. I also burn both AIFF, and FLAC files. It may seem like a lot of work, but when only do a disk at a time then it is no big deal. You will be amazed at how much more music you can get on a player if you use m4v or FLAC files. The lossless format also makes a big difference in the quality of the audio. In fact, you may want to go to some place like HD Tracks and download some hi-resolution audio. If you have the equipment, then you will be impressed. Do be aware of the fact, that just because it is hi-resolution does not always mean that it will sound good. It all gets down to the sound engineer who mixes the final product. I have purchased some "re-mastered" audio that has been trash, but I have downloaded a lot of hi-rez that has been worth the purchase price.
If you want to try some very high quality CD audio, then go to Mobile Fidelity's site. They have some hybrid CD's and do excellent work at remastering their audio products. The CD's are not cheap though.