X2 on Apple Lossless + P99
Apple Lossless is a lossless compression algorithm. It is compressed, but no loss is made in doing so, therefore it is as good as the original and can in fact be restored back to the original. (i.e. = CD Quality, assuming you got a good rip off your CD to start with.)
To get a good rip to begin with, use Exact Audio Copy. This program will read your CD as many times as it needs to until it has a perfect rip. With a simple add on, it can be configured to compress using ALAC (Apple Lossless) and import into iTunes for you.