Hmm, most curious...
Not sure why this is happening.
Have you tried more than one CD?
(Just wondering whether it's one of those copyright-protected things, or something?)
What are your current settings in:
Prefs > CD Ripping > Output File Settings tab?
(Copy & paste the Destination Folder and Naming Convention fields here)
Which encoder are you using in the Encoder tab?
And what are your Encoder Options?
(I know you said you tried many different combinations)
And, in the Ripping tab, what speed is selected?
If 'unlimited' have you tried something a bit slower, eg. 16x or 8x (just for troubleshooting purposes)?
Is 'read audio data with bundled Sonic engine' checkmarked?
Have you tried unchecking this to see if it can use ASPI
(note, this setting change requires a Winamp restart to take effect)
Apart from all this, please can you supply the following information:
Basic system specs (pc or mobo make/model, cpu, ram)
CD-ROM drive make+model