Am I to assume that any old pc running some ripping software and a cd drive is all you need on the pc end?
Right, but keep in mind the better PC and CD-ROM drive are, the faster your CD ripping will be. I first used the PHILIPS D-28 DVD-RW drive (that comes with a desktop Dell PC) to rip CDs and thought it's OK. But curiously I bought and installed a Plextor PX-716A drive, and oh so pleased with the ripping CDs business. Faster, smoother, with tons more fucntions and options. EAC (Exact Audio Copy) programmers use Plextor drives to write and test their software, by the way.
And can I use iTunes to rip & create my wav files?
Why not? Slim Server software and Squeezebox2 make use of tons of formats, including but not limited to iTunes Apple Lossless, FLAC, WAV, WMA, MP3, etc. However, I am sure many (I for one) prefer using EAC (free downloadable software) to ripp CDs to FLAC format (true bit, lossless, and hard disk space savings).
In addition, while waiting for Vinnie to complete the SB2 mods I listened really closely to the Shanling SCDT200 player and wondered if I was making a mistake shifting to an unheard device/unknown technology. The change got to be a leap of faith. To be sounding this good, the Shanling cost me over $3,500 after purchased new and modified by Underwood Hifi/Part Connexion, I added 4" Mapleshade maple platform and brass cones, expensive power cords (Virtual Dynamics) and power conditioner (Shunyata Hydra), Audio Desk Systeme (to shave and paint the CDs), CD de-magnetizer, audiophile grade AC outlets. Needless to say, with those painstaking tweaks the Shanling sounded really good.
A few minutes of listening to the Red Wine modded SB2, and I decided to sell the gorgeous sounding and looking Shanling. There's something very analog about the SB2's sound that was later confirmed with headphone listening, not to mention the convenience of remote control access to virtually unlimited numbers of CDs that you could put on your hard drive(s).
After having my 2nd SB2 modded by Vinnie, I learned yet another few tricks: to be able to have multiple SB2s play either same songs or different songs simultaneously, to "chain" the song folders to expand to multiple hard drives, etc. It's both fun and sonic rewarding, unlike my past experience with audio.