Using the factory presets will provide a good user experience in general, but you can get much more out of the program by tailoring the settings to your specific needs.
Some of the more general settings categories include Player, Performance and Devices.
The Rip Music tab allows you to define where the files will be saved to, the format of the new music file and the audio quality.
Windows Media Player is a versatile program that offers a wide range of customization options.
This will bring up the Find album information window.