Converting CD audio (WAV) to MP3 will result in some loss, 128+ kbit MP3s sound virtually identical to the human ear (audio normalization can sometimes help keep it even closer). If you convert an MP3 back to WAV, it will be of exact quality as the MP3, so make sure you have a Hi-Q MP3.
As far as burning to a CD, some software lets you burn MP3s as WAV (CD audio) directly, but others require you to convert it to WAV before burning as a track. I use freeware software that provides a GUI for encoding/decoding (I currently use CDex), and EZCD or Nero, etc for the actual burning.
BTW, MP3--->WAV is called "decoding" and WAV--->MP3 is called "encoding", just think of it as decompression vs compression...
Too bad I need a new burner now, this old HP died in a flash process! But it was required for the much-improved software <P ID="edit"><FONT SIZE=-1><EM>Edited by AlexTheBlue on 04/03/01 03:55 PM.</EM></FONT></P>