Can't write MP3 or WAV files

[ssih]

I've got Winamp 2.80.
I've selected Nullsoft Diskwriter plugin.
I've configured an existing directory for the output.
I do NOT have shuffle or repeat enabled.

But when I play an audio CD track, it plays normally through the speakers. I remember getting this to work several months ago, but it's not working now. I've tried selecting the MP3 writer, but it's no better.