Well, "ripping" basically means just copying. If this is an actual music CD, as opposed to a CDROM burned on a computer, the audio tracks are stored as uncompressed data--not MP3. Since MP3 came along, "ripping" has come to mean also converting the uncompressed audio to MP3. I've found that at the very highest-quality/lowest compression MP3 settings, the compression ratio's about 6:1, meaning that the average music CD gets compressed down to about 100 megabytes of MP3.

I'm not sure what "sync" means in this context. It's probably the name of a feature on the particular software you're using. As the name implies, it generally means making sure that the source and destination files are the same, so in this context I'd guess that it makes sure that your MP3s are up-to-date. Just guessing, though.

Sounds like everything's working fine for you. Just curious?